Reliance, Rosneft Ink 10-Year, $13 Billion Oil Deal for 500,000 BPD

Dec 12, 2024, 08:15 AM

Reliance Industries Ltd., led by Mukesh Ambani, and Russia's state oil firm Rosneft have entered into a landmark 10-year oil supply agreement, marking the largest energy deal ever between India and Russia. Under the terms of the deal, Rosneft will supply nearly 500,000 barrels per day (bpd) of various crude grades to Reliance. The agreement, valued at approximately $13 billion annually at current prices, underscores the deepening energy ties between the two nations amidst global geopolitical tensions. This deal represents 0.5% of global oil trade.