India, Russia sign largest oil supply agreement in history

Reuters reports this with reference to three sources familiar with the agreement.

The 10-year deal reportedly represents 0.5% of global supplies and is worth about $13 billion a year at today's prices. It will further strengthen the energy relationship between India and Russia, which is under severe Western sanctions over the war in Ukraine.

According to the sources, under the agreement, Rosneft will supply 20-21 Aframax cargoes (80,000 to 100,000 metric tons) of various grades of Russian crude oil and three cargoes of fuel oil weighing about 100,000 tons each every month.

The new deal accounts for about half of Rosneft's maritime oil exports from Russian ports, leaving little supply for other traders and intermediaries, one source said.

Two sources said that Reliance and Rosneft will review prices and volumes under the agreement every year, taking into account the dynamics of oil markets.

• Earlier, Politico reported that despite the sanctions, in 2024, EU countries purchased almost 20% more fuel produced from Russian oil from India compared to last year.