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Shell purchasing Russian Oil
Jericoke:
https://www.bbc.com/news/business-60638255?fbclid=IwAR2nAFAz8ZQn3YNfygL25lal9K1FugmAJmqMMucDMXvXxRql-h1JEzScyVI
Just when I was happy that Ferrari was FINALLY out of the clutches of nicotine sponsorship, now their major sponsor goes and buys a shipful of Russian oil.
It should be noted that of all the sanctions currently on Russia, it is still perfectly legal in most jurisdictions to purchase oil from Russia.
It's also perfectly legal to wonder why Ferrari would partner with someone doing business with Russia in 2022.
lkjohnson1950:
Ferrari and Shell have been partners for decades. If Ferrari wants to end it they can, but it's not a new deal. I believe the US (or US companies) is still buying Russian Oil, unless something changed over the weekend.
cosworth151:
Coke, Pepsi & McDonalds (among many others) are still doing business with Russia, too. In big business, money trumps morality every time.
I don't think any nation has cut off Russian oil. So why is the price of gas skyrocketing? (See above paragraph)
Dare:
Biden has decided to ban oil from Russia.
https://www.msn.com/en-us/news/world/us-to-ban-russian-oil-imports-over-ukraine-invasion/ar-AAUMI9c?li=BBnb7Kz
John S:
--- Quote from: cosworth151 on March 08, 2022, 01:14:50 PM ---
I don't think any nation has cut off Russian oil. So why is the price of gas skyrocketing? (See above paragraph)
--- End quote ---
Think it was more to do with Saudi's saying they wont fill the gap, which they could easily do, if Russian oil banned by US & Europe. That was enough in the beginning to spook spot oil and futures price. What should be looked at more closely, I think, is who is making all the money pushing prices ever higher trading on the spot & futures markets - it's not necessarily producing countries or oil companies.
Saudi's are clearly choosing solidarity of OPEC over any other consideration. Can't say I blame them as US administrations have always sought to control world oil trade, look at it's total embargo on Venezuelian oil which keeps the country in abject poverty, whislt Venezeula sits on probably the largest oil reserves in the world.
Games, so called, superpowers play in one part of the world resonates stongly with other states all round the globe leading to many of them to take selfish, and from our point of view unhelpful decisions. Couple this with OPEC members revenues being hit hard from huge pressure by green campaigners and surplus production in last 5 years with oil prices for many falling to, or even below, cost of production - especially during height of pandemic. Controlling supply has led to higher oil prices in general now as consumption ramps up, and will continue too so long as supply is kept in check from OPEC producers. From their point of view it's simple economics, not necessarily political comfort for any side.
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