Referring to what occurred in 2008 and 2009, he mentioned that was extra targeted on the monetary markets. "That is now turning into an financial disaster together with a well being disaster," he informed CNBC's "Capital Connection" on Monday, referring to the ongoing coronavirus outbreak.

"I feel we'll see much more freezing up of financial exercise within the United States, not due to economics however due to the virus," he mentioned. "The worry is now pervasive."

The "backdrop" to all that is the coronavirus, Yergin mentioned. "That is what actually splintered the (OPEC+) alliance," he mentioned.

Infections have been reported in additional than 100 international locations because the outbreak started within the Chinese language metropolis of Wuhan late final yr. 

Riyadh pushed for a provide reduce of 1.5 million barrels a day on the OPEC+ assembly final week, however Moscow didn't approve. That then sparked a worth struggle available in the market.

"This additionally comes at a time when it is not nearly oil but it surely's concerning the international financial system and this freezing up we're seeing,"...