Business Maverick: Russian Oil Is Increasingly Becoming Untouchable for Traders

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Russian oil is becoming even less welcome in the global petroleum market as traders fret over the possibility of a U.S.-led ban on the nation’s supplies, and a latest purchase by Shell Plc drew condemnation. TotalEnergies SE said its traders will no longer buy the nation’s crude.

some heating oil supply in Germany, or diesel prices that are pointing to shortages. Brent oil soared as high as $139.13 a barrel on Monday before easing to around $123.

Still, five oil traders in Europe who are normally involved in Russian cargoes said the sanctions threat, and the reaction to Shell’s move, have made any Russia-related business even harder. We have also stopped most activities involving Russian oil. However, we currently purchase it and other Russian products for some refineries & chemical plants to ensure that we continue the production of essential fuels & products that people & businesses rely on every day. There were no bids or offers for the Russian grade on Monday in a pricing window run by S&P Global Platts.

 

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