Yergin: Asia To Be Russia’s Default Market For Crude Oil

Russia will likely redirect its oil flows to Asia as Europe seeks to minimize its intake of Russian fossil fuels, with the former becoming “the default market” for Russian crude, Daniel Yergin, vice chairman of S&P Global told CNBC. After Western sanctions on Moscow for its actions in Ukraine, Russian oil flows abroad have declined and, according to Yergin, are going to be redirected to Asia. “There’s a lot of self sanctioning that’s going on that’s simply people not picking up oil, banks not providing letters…