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Rosneft Signs $13 Billion, 10-Year Deal to Supply 500,000 bpd of Oil to Reliance Industries, 0.5% of Global Supply

Dec 13, 2024, 05:38 AM

Russian state oil company Rosneft has signed a significant 10-year agreement with India's Reliance Industries to supply nearly 500,000 barrels per day (bpd) of crude oil. Valued at approximately $13 billion annually, this deal represents the largest energy agreement between India and Russia, accounting for about 0.5% of global oil supply. The agreement comes as India seeks to enhance its energy security amidst ongoing turmoil in the Middle East, positioning itself as the top buyer of Russian oil. This development also underscores the growing energy ties between the two nations despite international sanctions against Russia due to its actions in Ukraine.