What The Largest-Ever Oil Deal Between India and Russia Really Means

The new Trump Administration may target Russia's recent oil deals as part of its sanctions discussions. Russia's Rosneft has signed a $13 billion annual crude oil supply agreement with Indian downstream giant Reliance Industries, committing to supply 500,000 barrels per day (bpd) for 10 years. This deal constitutes 0.5% of the global oil supply and is the largest-ever commercial agreement between Russia and India. Facing Western sanctions on its oil sector, Russia is actively seeking alternative clients. India has become its largest oil importer…