Wallace, Joe, and Anna Hirtenstein. "Shell Buys Russian Oil at Bargain Price". The Wall Street Journal. March 04, 2022. https://www.wsj.com/...

Western refiners and petrochemical plants depend on Russian oil, requiring the US and its allies to exclude energy from the sanctions imposed on Russia for its invasion of Ukraine.  Still, refiners are struggling to get funding and ships to export Russian oil, causing them to cut back production and a backup in Russia’s energy supply chain.  Despite announcing its exit from joint ventures with the Russian energy giant Gazprom, Shell bought 100,000 metric tons of Russian crude at a massive bargain.  It paid $28.50 below $113.80 a barrel for international benchmark Brent – the widest discount on record.

Posted on 06/03/22

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