Cutting oil output risks global economy, warns US Treasury secretary

Janet Yellen's comments come as figures show business activity declining across most UK regions

The world's biggest oil-producing nations cutting production at a time of soaring energy costs is unhelpful and unwise" for global economic growth, the US Treasury secretary has warned, amid intense pressure from sky-high inflation.

Ahead of meetings hosted by the International Monetary Fund in Washington this week, Janet Yellen said the move by Opec+ - the oil production cartel led by Saudi Arabia, plus Russia - risked undermining the world economy.