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Magazine SECTIONS * Fashion * Art & Design * Travel * Food * Culture * Sports SECTIONS * Beijing 2022 Olympics * MLB * NBA * NFL * Golf * Tennis * Soccer COLUMNS * Jason Gay Search Search LIVE COVERAGE VIEW LIVE COVERAGE FEED Share Mar 4, 2022 at 1:13 pm ET SHELL BUYS RUSSIAN OIL AT BARGAIN PRICE By Joe Wallace and Anna Hirtenstein Shell bought 100,000 metric tons of Russia’s flagship Urals crude on Friday, say people familiar with the transaction.Peter Boer/Bloomberg News Shell PLC has snapped up a cargo of Russian crude at a bargain price, ending a self-imposed embargo on Russian oil by the international energy industry. Shell bought 100,000 metric tons of Russia’s flagship Urals crude on Friday, according to people familiar with the transaction. It paid $28.50 a barrel below the price of international benchmark Brent crude, the widest discount on record. London-listed Shell bought the crude from Trafigura Group Pte. Ltd., one of the biggest commodity traders and largest exporters of Russian oil. Trafigura had failed to sell the cargo this week before drawing a bid from Shell after dropping the price to a massive discount. As Western oil-and-gas companies this week raced to distance themselves from Russia in the wake of the invasion of Ukraine, Shell said this week it would exit its joint ventures with Russian energy giant Gazprom PJSC. A person familiar with the company’s trading strategy said Shell was still buying Russian oil to plug into refiners and petrochemical plants while it looked for alternative sources. The U.S. and its allies left energy out of the sanctions imposed on Moscow in response to the invasion. However, refiners went further, shunning Russian crude as they struggled to get funding and ships to export Russian oil. Self-sanctioning has taken a chunk out of global supplies, pushing prices for international benchmark Brent up to $113.80 a barrel. Traders say it is causing a backup in Russia’s energy supply chain, prompting refiners to cut back production. Shell PLCuk:shel(U.K.: London) £1,833.40 GBP-96.80-5.02%▼ VIEW LIVE COVERAGE FEED About this page THE RUSSIA-UKRAINE WAR: LATEST NEWS AND LIVE UPDATES Last Updated: Mar 6, 2022 at 3:44 am ET FULL COVERAGE OF RUSSIA'S INVASION OF UKRAINE, FROM THE WALL STREET JOURNAL -------------------------------------------------------------------------------- Share This Page * The Wall Street Journal * English Edition * English * 中文 (Chinese) * 日本語 (Japanese) * * Subscribe Now * Sign In * Back to Top « WSJ Membership * WSJ+ Membership Benefits * Subscription Options * Why Subscribe? * Corporate Subscriptions * Professor Journal * Student Journal * WSJ High School Program * Public Library Program * WSJ Live Customer Service * Customer Center * Contact Us Tools & Features * Newsletters & Alerts * Guides * Topics * My News * RSS Feeds * Video Center * Watchlist * Podcasts * Visual Stories Ads * Advertise * Commercial Real Estate Ads * Place a Classified Ad * Sell Your Business * Sell Your Home * Recruitment & Career Ads * Coupons * Digital Self Service More * About Us * Commercial Partnerships * Content Partnerships * Corrections * Jobs at WSJ * News Archive * Register for Free * Reprints & Licensing * Buy Issues * WSJ Shop * Facebook * Twitter * Instagram * YouTube * Podcasts * Snapchat * Google Play * App Store Dow Jones Products * Barron's * BigCharts * Dow Jones Newswires * Factiva * Financial News * Mansion Global * MarketWatch * Private Markets * Risk & Compliance * WSJ Pro * WSJ Video * WSJ Wine * Privacy Notice * Cookie Notice * Do Not Sell My Personal Information * Copyright Policy * Data Policy * Subscriber Agreement & Terms of Use * Your Ad Choices * Accessibility * Copyright ©2022 Dow Jones & Company, Inc. 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