Reliance, Rosneft agree on biggest ever India-Russia oil supply deal

Russia's Rosneft has agreed to supply 500,000 barrels per day of crude to India's Reliance for 10 years in a deal worth approximately $13 billion annually. This agreement, which accounts for 0.5% of global supply, strengthens energy ties between India and Russia amid Western sanctions. Reliance will receive Russian oil at discounted prices, with shipments starting in January 2024.