As the West frets, India and Russia strike US$13 billion oil deal

  Cheap oil and geopolitics have brought India and Russia closer together, with a US$13 billion energy pact cementing a partnership that’s as strategic as it is pragmatic, analysts say.

For Moscow, the deal represents a lifeline to a key buyer as it navigates economic isolation. For New Delhi, it’s a strategic win, securing cheap energy to power its economy while asserting its independence from Western pressures.

The 10-year agreement, brokered between Moscow’s state-owned oil giant Rosneft and India’s private refining powerhouse Reliance Industries, will see Russia supplying nearly 500,000 barrels of crude oil per day – equivalent to about 0.5 per cent of the world’s total oil supply – according to sources cited by Reuters.