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Sources: Rosneft, Reliance agree biggest ever India-Russia oil supply deal

Russia’s state oil firm Rosneft has agreed to supply nearly 500,000 barrels per day (bpd) of crude to Indian private refiner Reliance in the biggest ever energy deal between the two countries, three sources familiar with the deal said. The 10-year agreement amounts to 0.5% of global supply and is worth roughly $13 billion a year at today’s prices. It would further cement energy relations between India and Russia, which is under heavy Western sanctions over its invasion of Ukraine. Reliance said it works with international suppliers, including from Russia, and deals are based on market conditions. The company declined further comment on commercial matters, citing the confidentiality of supply agreements. The deal comes ahead of the planned visit by Russian President Vladimir Putin to India and after US President-elect Donald Trump said he wants to push Moscow and Kyiv to stop the war as soon as he takes office…...

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12 Dec 2024

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