**India and Russia Sign Historic Oil Deal**
India’s energy needs have been met with a massive boost, thanks to a new oil supply deal with Russia. The agreement is worth $13 billion annually at current market prices.
**Discounted Oil for India**
For India, this deal means cheaper oil imports. The country now buys the most Russian oil in the world and will benefit from discounted grades like Urals. This will save Indian refiners a lot of money.
**Competition with Middle East Producers**
This deal also puts pressure on Saudi Arabia and other Middle Eastern oil producers to compete for India’s growing energy market. India wants more energy options as its demand grows.
**Deepening Ties with Russia**
Despite not agreeing with Russia over Ukraine, India continues to strengthen economic ties with Moscow. The two countries have agreed to cooperate in areas like nuclear energy, medicine, and trade.
Read More @ kyivindependent.com