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Economics

Yellen Criticizes Oil Output Cut, Downplays Dollar Strength: FT

US Treasury Secretary Janet Yellen said the decision by Saudi Arabia and its OPEC+ allies to cut oil output was inappropriate and harms the global economy, reinforcing the Biden administration’s strong criticism of the move. 

Speaking ahead of the IMF and World Bank’s annual meetings in Washington this week, Yellen expressed concern that the tightening of crude supplies, and the potential for higher energy prices as a result, will pose a particular threat to emerging markets.