India and Russia Strike Historic Oil Supply Agreement
In a significant development for global energy relations, Russia's state oil company, Rosneft, has reached a landmark agreement to supply nearly 500,000 barrels of crude oil per day to Indian private refiner Reliance Industries. This deal is recognized as the largest energy transaction ever between India and Russia, as reported by sources familiar with the matter.
The 10-year contract, valued at approximately $13 billion annually at current market prices, represents about 0.5% of the global oil supply. This agreement underscores the strengthening energy ties between India and Russia, especially against the backdrop of Western sanctions imposed on Russia following its invasion of Ukraine.
Both countries are expected to benefit from this strategic partnership, which may also impact the dynamics of the global energy market.
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