The British “Shell” company announced, today, Saturday, March 5, that it was seriously forced to buy Russian oil.
“Yesterday we made an emergency decision to obtain a shipment of Russian crude oil. Our refineries produce gasoline and diesel fuel, in addition to other products that people use on a daily basis. We would like to continue this without interrupting the supply of crude oil to the refineries,” the company statement said.
The statement continued, “The energy industry will not be able to guarantee a stable supply of needed goods across Europe. Alternative sources will not be able to arrive quickly enough.”
Oil prices jumped above $119 a barrel on Thursday, continuing their rise since the Russian military operation in Ukraine, amid expectations that the market will continue to suffer from a shortage of supply.
The market will suffer from a shortage of supplies for several months following the imposition of sanctions on Moscow and the mass exit of investments by major companies from Russian oil assets.
Brent crude futures reached a peak of $ 119.3 a barrel in trading on Thursday, up $ 6.3, or 5.6%. US West Texas Intermediate crude futures also achieved their highest levels at $116.02 a barrel, up by $5.4, or 4.9%.