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Shell Bids Big for North Sea Oil a Day After Axing Russian Crude

A day after saying it would quit buying Russian crude, Shell Plc was bidding at high prices for barrels produced North Sea oil -- in what may give an early indication of the cost of the switch.

Europe’s largest oil company was willing to pay as much as $4.30 a barrel above Dated Brent, a benchmark for physical crude trades globally, to secure cargoes of key North Sea oil grades.