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World’s top oil trader will stop buying Russian crude By Livvy Doherty and Anna Cooban, Business Updated 1548 GMT (2348 HKT) April 13, 2022 Here’s what Europe is doing to wean off reliance on Russian gas ‘Bring the Official Don’t have a box new baet simpson T-shirt besides I will buy this speed limit down:’ Richard Branson on reducing Russian oil use Watch Congress members question oil executives about sky-high gas prices This is what determines the price of gas Biden released reserve oil but gas prices may still hit record highs this summer London ( Business)Vitol Group, the world’s top independent oil merchant, will stop trading Russian crude oil and products by the end of the year, a source with knowledge of the situation told . The Dutch energy and commodities trading company will also not enter into any new Russian crude and product transactions, the source said. Vitol declined to comment beyond confirming the accuracy of an article published by Bloomberg, which reported the news earlier. Since Russia invaded Ukraine in February, the United States, United Kingdom, Canada and Australia have all announced bans on Russian oil. Major companies including Shell, TotalEnergies and Neste have also stopped buying Russian crude, or have said they will do so by the end of 2022, and a wider de facto embargo has taken hold as banks, traders, shippers and insurance companies try to avoid falling foul of Western financial sanctions. As Russian oil has become toxic for many buyers, its benchmark Urals crude has traded at an ever wider discount on the world market. It’s now worth $34 a barrel less than Brent crude. The International Energy Agency estimated on Wednesday that supplies of Russian oil will drop by 1.5 million barrels a day in April, and could fall by as much as 3 million a day from May as buyers turn away. “While some buyers, most notably in Asia, increased purchases of sharply discounted Russian barrels, traditional customers are cutting back,” the agency said. “For now, there are no signs of increased volumes going to
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