Reliance Industries, India's largest refiner, signed a one-year rouble oil deal with Russia's Rosneft.

Reliance Industries, India's largest refiner, signed a one-year deal with Russia's Rosneft to purchase 3 million barrels of oil per month in roubles. The deal aligns with Russian President Vladimir Putin's push for Moscow and its trading partners to find alternatives to the Western financial system for trade amid US and European sanctions. Reliance aims to secure oil at discounted rates as the OPEC+ group is expected to extend voluntary supply cuts beyond June.

May 28, 2024
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