Russia's state oil firm Rosneft has agreed to supply nearly 500,000 barrels per day (bpd) of crude to Indian private refiner Reliance in the biggest ever energy deal between the two countries, three sources familiar with the deal said.

Reliance Industries has signed a 10-year deal to import USD 12-13 billion worth of crude oil annually from Russia's Rosneft. The deal comes as India becomes a major buyer of Russian oil following the Ukraine war.

India, the world’s third-largest oil importer and consumer, has become the leading buyer of seaborne Russian crude after Western nations stopped purchasing it in response to Russia’s invasion of Ukraine in 2022.

Rosneft has agreed to supply nearly 5 lakh barrels per day of crude oil to Reliance Industries, Reuters reported citing three sources familiar with the matter.

Russia's state-owned oil company Rosneft has struck a landmark deal to supply nearly 500,000 barrels per day (BPD) of crude oil to Indian private refiner Reliance, marking the largest energy agreement ever between the two countries.

STORY: Russia's state oil firm Rosneft has agreed to supply nearly 500,000 barrels of crude oil per day to Indian private refiner Reliance. That's according to three sources familiar with the matter.It's reportedly the biggest ever energy deal between the two countries.

The deal's scale reduces the availability of Russian oil for other traders and intermediaries, further consolidating Mukesh Ambani led Reliance's position as a key player in the global oil market.