Shell has issued a reminder to Europe of the disruption entailed in disentangling itself from its energy framework
The only straightforward part of Shell’s announcement of its intention “to withdraw from its involvement in all Russian hydrocarbons” was the grovelling apology for buying a shipload of Russian oil in the rapid-delivery “spot” market last week.
And an apology from chief executive Ben van Beurden was obviously necessary: the company’s huge Rotterdam refinery may have been running low on supplies, but the obligation was to pay through the nose to secure alternative barrels from west Africa or somewhere. Shell will now cease spot purchases from Russia immediately. Good.
