• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 15 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Is Europe heading for winter of discontent with extensive gas shortages?
  • 35 mins "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 2 days ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 2 hours Wind droughts
  • 7 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 18 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 3 days Xi Is Set To Be Re-Elected As China’s Leader
  • 11 days Oil Prices Fall After Fed Raises Rates
  • 2 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 1 day Australian power prices go insane
  • 1 day Europeans and Americans are beginning to see the results of depending on renewables.
  • 13 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Shell To Stop Spot Purchases Of Russian Oil And Gas, Closes Service Stations

After facing a huge backlash last week and over the weekend when it snapped up a cargo of Russian crude at a bargain price at a time when many other players had started to curtail their purchases effectively creating an informal "self-sanction" embargo, Shell said on Tuesday it is withdrawing from dealing in Russian oil and natural gas, saying it would immediately halt all spot purchase of crude from the country and will phase out its other trading and business dealings, the WSJ first reported.

Over the weekend, Shell had already apologized for the purchase and said it would commit profits from its Russian oil purchases to humanitarian funds aimed at alleviating the crisis in Ukraine. Shell had previously said it would exit its joint ventures with Russian energy giant Gazprom PJSC.

On Tuesday, Shell also said it would also shut its service stations and aviation fuels and lubricants operations in Russia, and it won’t renew any Russian term contracts. It said it would find alternative supplies of oil as soon as possible, though it cautioned it could take weeks to fully make up the difference, leading to reduced production at some refineries.

While the U.S. and its allies left energy out of an array of economic sanctions imposed on Moscow in response to the invasion (although we now know the US will soon ban Russian oil sanctions) many refiners went further shunning Russian crude. Such self-sanctioning has taken a chunk out of global supplies, pushing prices for international benchmark Brent sharply higher. Traders say it is also causing a backup in Russia’s energy supply chain, prompting refiners to cut back production.

By Zerohedge.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News