While it’s come down from some of the highs, it’s gotten to where we expected it to be, which is a sustainable level of job growth in the United States. We just had job numbers coming out in the United States that demonstrated that we continue to have job growth. In the United States, one of the things that are encouraging for us is that we continue to see underlying momentum in our economy. And that’s why I think this doesn’t make sense for OPEC as well because, ultimately, they should care deeply about making sure that we have a strong, robust global economy that is growing, which will allow them to continue to be able to sell their product to the global economy. WA: The idea that this was done in anticipation of a drop in demand does not make sense in light of the fact that one of the biggest drivers of that drop in demand is high inflation costs related to energy. And what we know today is that the market has not been well supplied, and that is part of the reason that we’ve seen high levels of inflation-not only in the United States but around the world.įP: But one of the reasons why OPEC says it’s making this move is that it’s expecting a plunge in global demand and that their cuts in production are designed to buffer against that. OPEC had always made clear that their goal was to make sure that they provided oil to the market, to make sure that the market was well supplied. But regardless of what they actually do, the fact that they made the announcement was disappointing. As you know well, OPEC has already been producing less than 3 million barrels below their quota. Wally Adeyemo: I think that you put it best when you said, “on paper, at least.” There’s often a difference in what OPEC says and what OPEC actually does. How much has OPEC’s decision this week hurt American interests? was that when an international crisis came, the Gulf could choose America over Russia/China.”īut it didn’t. Chris Murphy, who tweeted on the news: “I thought the whole point of selling arms to the Gulf states despite their human rights abuses, nonsensical Yemen War, working against U.S. I want to point you to a comment from Democratic Sen. The oil cartel OPEC agreed this week to slash oil production-on paper, at least-by some 2 million barrels a day. What follows is a greatly condensed but lightly edited transcript.įoreign Policy: Let’s start with the news this week. Subscribers can watch the full video here. dollar, competition with China, inflation, and much more. We discussed how Washington has and hasn’t been able to corral global support for its sanctions on Moscow, the future of the U.S. Inflation is at its highest since the 1970s, and Russia’s war in Ukraine continues to dominate diplomatic attention.įP interviewed Adeyemo as part of FP Live, the magazine’s forum for live journalism. Each of those roles have served as crucial preparation for his current job as deputy secretary of the treasury under Janet Yellen.īut while some of the economic woes confronting the Biden administration are familiar to a policymaker like Adeyemo-such as high energy prices and a global food crunch-others feel more historic, if not unprecedented. President Barack Obama’s representative to the G-7 and G-20. Treasury Department amid the Great Recession that began in 2007 as deputy chief of staff to then-Treasury Secretary Timothy Geithner and, later, to Jack Lew. The 41-year-old policymaker first served in the U.S. Wally Adeyemo is no stranger to economic crises.
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