One takeaway from the current situation around Russian crude oil is that if the price reduction is cheap enough, Russia would still find potential buyers in businesses that rely on Urals crude. There have been reports that Shell bought Russian oil at a record discount of $28 a barrel amid sanctions.
Despite a week in which no western buyer for Russian oil was ready to step up, thus creating a bidless market for Russian Urals crude and a nearly offerless market for non-Russian oil, a west...
