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Asia will become the ‘default market’ for Russian oil, Dan Yergin says

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Asia will become the default market for Russian oil as the country tries to find buyers for its energy exports, said Dan Yergin, vice chairman of S&P Global.

Major oil importers in Asia like China and India have been pressured by oil prices which have soared since Russia invaded Ukraine in late February. Besides the appeal of cheaper Russian oil, both Beijing and New Delhi have close ties with Moscow.

Yergin told CNBC’s “Street Signs Asia” on Monday: “It does look like Asia would be the default market for barrels of Russian oil that would have normally gone to Europe.”

The West has punished Moscow for the invasion economically with the U.S. banning Russian crude, the U.K. planning to do the…



Source cnbc.com

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