Rosneft Signs 10-Year, $13 Billion Oil Deal with Reliance to Supply 500,000 bpd, Largest-Ever Agreement

Dec 13, 2024, 05:20 AM

Russian state oil company Rosneft has signed a landmark 10-year agreement to supply nearly 500,000 barrels per day (bpd) of crude oil to India's Reliance Industries. Valued at approximately $13 billion annually, this deal represents the largest energy agreement ever between India and Russia, accounting for about 0.5% of the global oil supply. The agreement comes as India seeks to enhance its energy security amid ongoing turmoil in the Middle East, positioning itself as the top buyer of Russian oil.