Oil embargo depends on Saudi Arabia

Talks about a possible import ban on Russian oil caused the price to climb to almost $140 per barrel almost overnight. However, the German government reiterated its rejection of an embargo. However, the dismissals have increasingly severe consequences, and Shell is restricting the sale of oil products in Germany.

The oil giant Shell has informed traders in Germany that short-term deliveries of heating oil and other petroleum products may be restricted at some trading centers. As Bloomberg reports, Shell wants to secure its obligations under long-term contracts in this way. It is the latest reaction to rising demand on the markets in the face of discussions about a possible embargo on Russian oil exports.

Sign up now and continue reading immediately