India has managed to reduce its oil spending in recent months, even though it’s been buying more crude oil from abroad. How is this possible? The answer lies in falling global crude oil prices. Between September and November, India’s oil import costs dropped by 9% compared to the same period
Russia’s state-owned energy giant Rosneft has struck a massive deal with India’s private oil refiner Reliance Industries. This agreement, worth an eye-popping $13 billion annually, will see Rosneft supplying nearly 500,000 barrels of crude oil every single day to Reliance, making it the biggest oil deal ever between the two
Reuters has reported that Indian company Reliance Industries will buy Russian oil in roubles and is also able to acquire the oil at a discount. Four people with knowledge of the situation told Reuters that Russia’s Rosneft and India’s Reliance Industries, which runs the largest refining complex in the world,
