Sunday, December 10, 2023

Shell makes ‘difficult decision’ to buy Russian oil

Shell said today that it made the “difficult decision” to purchase a cargo of Russian crude oil to ensure a continued supply of energy to the European market, the BBC reports.

“Cargos from alternative sources would not have arrived in time to avoid disruptions to market supply,” the oil giant said in a statement.

It said the firm is facing challenges in shifting from Russian oil “because of how significant [it] is to global supply.”

Shell said it would commit profits from its “limited amount of Russian oil” to a dedicated fund going toward humanitarian aid in Ukraine.

Shell said earlier this week it will end all of its joint ventures with the Russian energy company Gazprom due to Russia’s invasion of Ukraine.

It said it will also sell its 50% stake in two Siberian oilfield projects.

Russian oil exports account for about 8% of global supply. There has been a growing push in recent days for countries to shun Russian oil and gas – a move currently being considered by the United States.


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