Rosneft and Reliance finalize record oil supply deal for India and Russia

Russia's state oil company Rosneft has signed a 10-year deal to supply nearly 500,000 barrels per day of crude oil to India's Reliance Industries. This agreement, valued at about $13 billion annually, is the largest energy deal between the two nations. The deal will start in January and includes various Russian crude grades delivered to Reliance's Jamnagar refinery. It represents a significant portion of Rosneft's oil exports and strengthens India's position as a major importer of Russian crude, especially after Western sanctions on Russia. Reliance's imports of Russian oil have increased, with an average of 405,000 barrels per day from January to October 2024. The new agreement allows for annual reviews of pricing and volumes, reflecting changes in the oil market.