Rosneft and Reliance finalize record oil supply deal worth $13 billion

Russia's Rosneft has signed a 10-year deal to supply nearly 500,000 barrels per day of crude oil to India's Reliance, marking the largest energy agreement between the two nations. The deal is valued at approximately $13 billion annually. This agreement comes as India has become the largest importer of Russian crude, following sanctions on Russia by the European Union. The new supply will significantly impact the global oil market, accounting for about 0.5% of global supply. Starting in January, Rosneft will deliver various grades of Russian crude to Reliance's Jamnagar refinery. The deal includes annual reviews of pricing and volumes to adapt to market conditions.