(Bloomberg) -- Shell Plc, Europe’s largest oil company, bought a cargo of Russia’s flagship crude at a record discount, underscoring the company’s decision to keep buying supplies from the country after its invasion of Ukraine.
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The company paid $28.50 a barrel below Dated Brent, a benchmark for physical oil trades globally, taking the cargo from Trafigura Group. The cargo has been bought on a delivered basis, meaning Shell won’t need to sort out transportation.
Shell is continuing to buy oil and gas from Russia, a person with knowledge of the matter said on Wednesday. The company is in discussion with governments and will comply with any changes in regulations, the person said.
The trade is the first such deal in a window organized by S&P Global Platts since Russia invaded Ukraine. While it underscores the deep discounts Russia is going to have to sell its oil at, it is also the first indication that it will still find some willing buyers in companies that are reliant on Urals crude.
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