Cooldude wrote: ↑Tue Mar 08, 2022 11:16 am https://www.shell.co.uk/sustainability/ ... ramme.html

I think it's ironic that the world still uses North Sea Brent as one of its benchmarks when there's only one platform left in the field and is barely limping along. The others haven't produced a drop of oil in years and have been decommissioned.

Right now it's not so much about the location but it sets a quality standard which can be met in other locations as well.

Analysts today predict $200-300/bbl if russian hydrocarbons are embargoed by either party.

nemo wrote: ↑Tue Mar 08, 2022 5:23 pm Analysts today predict $200-300/bbl if russian hydrocarbons are embargoed by either party.

What an economy they will have created

Yes, everything will go tits up for a long time.

It could all be part of a plan to put pressure on China to use its influence over Russia. China imports about 60% of its oil so it too will feel the effects of rising prices. This might be the kind of thing which will get China to do more for an end to this invasion.

Russia will benefit from increased prices, China will pay below spot.

Oil major Shell on Tuesday apologized for a buying a heavily discounted consignment of Russian oil and announced it was withdrawing from its involvement in all Russian hydrocarbons.

“As an immediate first step, the company will stop all spot purchases of Russian crude oil. It will also shut its service stations, aviation fuels and lubricants operations in Russia,” it said in a statement.

On Friday, Shell purchased 100,000 metric tons of flagship Urals crude from Russia. It was reportedly bought at a record discount, with many firms shunning Russian oil due to Moscow’s unprovoked invasion of its neighbor. The purchase did not violate any Western sanctions.

The company faced heavy criticism for the purchase, including from Ukraine’s Foreign Minister Dmytro Kuleba, who has urged companies to cut all business ties with Russia.

Shell CEO Ben van Beurden said Tuesday that the company was “acutely aware that our decision last week to purchase a cargo of Russian crude oil to be refined into products like petrol and diesel – despite being made with security of supplies at the forefront of our thinking – was not the right one and we are sorry.”

Speaking to CNBC last week, Kuleba launched a scathing attack on firms still doing business with Russia, saying that some major oil companies could find themselves on the wrong side of history.

“The world will judge them accordingly. And history will judge them accordingly,” he told CNBC’s Hadley Gamble.
https://www.cnbc.com/2022/03/08/shell-a ... rawal.html

Funny how all of a sudden all the oil comes from Russia and no where else, panic panic the world's going to end

Bicycle to work & vegetable garden, following the news a few minutes per week, and fuck that useless stress until forced to.

I know I shouldn't but was just thinking! Does this crap have any effect on Cambodia banks and economy or is it carry on nothing to do with us?

atst wrote: ↑Tue Mar 08, 2022 7:18 pm Funny how all of a sudden all the oil comes from Russia and no where else, panic panic the world's going to end

Doesn't work quite like that... It's an interconnected global economy now, built over decades. Yes, you take out one major piece of any system and there's going to be big problems throughout the rest of it.

And yes, this is the riskiest geopolitical situation in a long time. I'm not saying panic, but watch closely, the world order is changing. It would be naive to pass this off as purely media hype.

Cambodia is not in the immediate firing line (I think?), but will certainly be affected by supply chain disruptions and rising oil and gas prices in the near future if things don't turn around fast.