The world could be on the brink of an energy crisis rivaling the 1970s

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The world could be on the brink of an energy crisis rivaling the 1970s, says IHS Markit’s Yergin

• Russia’s Ukraine invasion could have set in motion an energy market disruption on the scale of major oil crises in the 1970s, according to Daniel Yergin, vice chairman of IHS Markit.
  
• Sanctions by the U.S. and allies on Russia’s financial system have disrupted sales of Russian oil, with banks and buyers wary of running afoul of the punitive measures.
  
• “This could be the worst crisis since the Arab oil embargo and the Iranian revolution in the 1970s,” said Yergin.
  

Russia’s Ukraine invasion could have set in motion an energy market disruption on the scale of major oil crises in the 1970s, according to Daniel Yergin, vice chairman of IHS Markit.

Moscow is one of the world’s largest oil exporters. Sanctions by the U.S. and allies on Russia’s financial system have already set in motion a backlash against Russian crude from banks, buyers and shippers.

Yergin, also an author and energy market historian, said even though Russian energy was not sanctioned by the U.S. and other countries, there could be a large loss of Russian barrels from the market. The country exports about 7.5 million barrels a day of oil and refined products, he noted.

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