SHELL BUYS CRUDE FROM RUSSIA
The world’s largest oil company has bought a cargo of Russian crude and it’s facing a lot of backlash for doing so.
Fin24 reports that Shell bought a cargo of Urals crude oil from Trafigura Group on Friday, at a record discount to benchmark prices in a signal that major buyers will likely continue to make purchases of Russia’s energy products despite its increasingly deadly war against Ukraine.
Ukraine’s Minister of Foreign Affairs showed his disapproval by asking Shell on Twitter whether the Russian oil smelt like “Ukrainian blood” for them?
In a statement on Saturday, Shell said that they will continue to choose alternatives to Russian oil wherever possible, but this cannot happen overnight because of how significant Russia is to global supply.
“We have been in intense talks with governments and continue to follow their guidance around the issue of security of supply.”
Shell didn’t specify which government they were referring to. The company is headquartered in London, England.
“Without an uninterrupted supply of crude oil to refineries, the energy industry cannot assure continued provision of essential products to people across Europe over the weeks ahead. Cargoes from alternative sources would not have arrived in time to avoid disruptions to market supply.”
Image credit: Bloomberg