Shell, Europe’s largest oil company, bought a shipment of Russian oil at a record price, paying $28.5 a barrel. This operation underlines that at a time when several oil companies have suspended their commercial 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 then paid for that $28.5 a barrel of Russian crude, Urals crude, by buying that cargo from the Trafigura group.
And this acquisition has already been made taking into account the delivery, so Shell will not have to ensure the question of transport. This operation is the first of its kind since Russia invaded Ukraine last Thursday.
While Russian oil is being sold at a discount, West Texas Intermediate (WTI) and North Sea Brent crude traded on Friday with solid gains, around 4% and 3.68%, respectively. Brent, which serves as a benchmark for the Portuguese market, was around the threshold of 114.5 dollars a barrel.
So far this year, WTI has gained 47.08% and Brent 46.81%. This week alone, when Brent renewed its 2013 highs, approaching $120 a barrel, weekly gains were over 12.4%. WTI, in turn, totals 15.76% in the week.