Historic India-Russia Oil Deal Boosts Energy Ties Amid Sanctions
Russia's state oil company, Rosneft, has finalized a landmark agreement to supply nearly 500,000 barrels of crude oil per day to India's Reliance Industries. This ten-year deal is hailed as the largest energy agreement between the two nations to date, representing approximately 0.5% of global oil supply and estimated to be worth around $13 billion annually at current market prices.
The agreement comes during a time of heightened sanctions on Russia due to its ongoing conflict in Ukraine. This deal is expected to strengthen the energy relationship between India and Russia, signaling a strategic pivot for India as it seeks reliable energy sources in a challenging global environment. The collaboration aligns with India’s efforts to diversify its oil imports and ensure energy security.
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