Russia and India have signed largest oil deal in the history of relations between countries

Russia and India have signed the largest oil deal in the history of relations between the countries.

This is reported by Economic Pravda with reference to a Reuters report.

Russian state oil company Rosneft has agreed to supply almost 500,000 barrels per day (bpd) of oil to India's private oil refinery Reliance in the largest-ever energy deal between the two countries.

The 10-year deal accounts for 0.5% of global supply and is worth about USD 13 billion a year at today's prices.

It will further strengthen energy relations between India and russia, which is under tough Western sanctions over the war in Ukraine.

Russian oil accounts for more than a third of India's energy imports.

India has become the largest importer of russian oil after the European Union, previously the largest buyer, imposed sanctions on russian oil imports.

The companies will review prices and volumes under the agreement annually to reflect oil market dynamics.

Under the deal, Rosneft will deliver 20-21 Aframax-sized cargoes (80,000 to 100,000 metric tons) of various grades of Russian crude each month, and three fuel oil cargoes totaling about 100,000 tons each.

The new deal accounts for about half of Rosneft's seaborne oil exports from russian ports, leaving little supply for other traders and intermediaries.

As Ukrainian News Agency earlier reported, india has become the second-largest supplier of critical technologies to russia after China amid sanctions, according to European and American officials.

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