Russia sanctions a shift oil price-making power to Asia, distancing from Europe

Asian nations have been paying more for energy than Europe. However, sanctions on Russian and Iranian oil have recently created cheaper fuel for the continent. Data from Refinitiv Eikon shows this has eroded the decades-long trend, causing cheaper energy prices in Asia. The Asian premium is the additional amount Asian importers pay for crude oil compared to those in other countries. It is created by demands exceeding supply in the Asian market, reflecting their strong economic growth.

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