Russia and India finalize largest oil deal in history worth $13 billion
oilprice.com — December 13, 2024, 03:01 AM UTC
Russia's Rosneft has signed a $13 billion deal with India's Reliance Industries to supply 500,000 barrels of crude oil per day for ten years. This agreement is the largest ever between the two countries and represents 0.5% of global oil supply. India has become Russia's largest oil importer since the 2022 invasion of Ukraine, benefiting from discounted prices. The deal may increase competition for market share in India, particularly affecting Gulf producers like Saudi Arabia and the UAE. However, the partnership faces challenges from increasing Western sanctions against Russia. Russian oil exports have declined, and sanctions are impacting operations in the Arctic LNG sector.