Tag #Reliance

What is the significance of the Rosneft-Reliance oil deal for global energy markets and geopolitical relations?

Russia's Rosneft and India's Reliance signed a 10-year deal for Rosneft to supply nearly 500,000 barrels of oil per day to Reliance, worth approximately \$13 billion. This represents 0.5% of the global oil supply and significantly strengthens relations between the two countries amid Western sanctions on Russia. Deliveries begin in January 2024.