Russian state oil company Rosneft has made a significant agreement with India’s Reliance, committing to supply nearly 500,000 barrels of crude oil per day. This marks the largest energy deal to date between the two nations, according to multiple informed sources.
The new 10-year contract is anticipated to account for approximately 0.5% of the global oil supply, translating to an estimated annual value of around $13 billion at current market prices. This agreement is particularly noteworthy in the context of the geopolitical climate, as both Russia and India are navigating challenging pressures from Western sanctions imposed in response to Russia’s actions in Ukraine.
The deal exemplifies the growing energy relationship between India and Russia, highlighting their efforts to strengthen economic ties despite external pressures.