Shell, Europe’s largest oil company, bought a shipment of Russian oil at a record discount, paying $28.5 per barrel. This operation confirms that while many oil companies have suspended trade relations with Russia, the company intends to continue doing business with the country of Vladimir Putin, after the invasion of Ukraine.
According to Bloomberg, the company paid $28.5 per barrel of Russian oil, Ural crude, to purchase this shipment from Trafigura Group.
This acquisition has already been made with delivery in mind, so Shell will not have to guarantee the transportation problem. This operation is the first of its kind since Russia invaded Ukraine last Thursday.
If Russian oil is sold at a discount, West Texas Intermediate (WTI) and North Sea Brent will trade on Friday with solid gains, in the range of 4% and 3.68%, respectively. Brent crude, which is used as a reference for the Portuguese market, was around the $114.5 per barrel threshold.
So far this year, WTI is up 47.08% and Brent 46.81%. Just this week, when Brent renewed its 2013 highs, approaching $120 a barrel, weekly gains were more than 12.4%. West Texas Intermediate, in turn, is up 15.76% for the week.
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