Reliance Industries has signed a one-year deal with Russian company Rosneft. Under this agreement, Reliance will import at least 3 million barrels of Russian crude oil every month. Payment will be made in Russian currency Ruble. OPEC+, a group of oil producing countries, is going to meet on June 2. In this, they can decide to continue cutting oil supply. In such a situation, Reliance Industries will be helped to keep getting oil at a discounted price due to this deal. India is the third largest oil importer in the world India is the third largest oil importer and consumer country in the world. After the start of the Russia-Ukraine war in 2022, Western countries banned the purchase of oil from Russia. Since then, India has become the largest buyer of Russian crude oil. India has also paid for Russian crude oil in rupees, dirhams and China’s currency yuan. Imports from Russia increased from 2 to 40% in 3 years India bought only 2% of its crude oil requirement from Russia in 2020. Just before the start of the Russia-Ukraine war, the total supply in 2021 rose to 16% and in 2022 the supply increased to 35%. Currently, India is buying 40% of its crude oil requirement from Russia. Crude oil accounts for one-third of India’s total trade value. That is, about one-third of whatever India imports from abroad is crude oil. Therefore, this profit will reduce the trade deficit. Western countries had imposed sanctions on Russia After the war with Ukraine, Western countries had imposed sanctions on Russia. India, the third largest importer of crude oil in the world, took advantage of this and increased oil imports from Russia instead of Europe. Reliance is India’s largest company Reliance Industries is the country’s largest company in terms of market cap. The company has a market cap of Rs 19.69 lakh crore. Rosneft is also Russia’s third largest company. Its market cap is around Rs 7 lakh crore (85 billion dollars).
