Russia turns to India for oil exports

Rosneft has signed an agreement with the Indian Oil Company to increase oil supplies to India. This announcement comes at a time when Russia is seeking to reduce its dependence on Europe by turning to Asia.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

Russia and India are committed to the development of Russian oil exports to the latter. Indeed, the Russian oil giant Rosneft has signed an agreement with an Indian partner to increase Russian oil supplies to India. This announcement comes at a time when Russia is seeking to redirect its sales to Asia because of the embargoes on its hydrocarbons imposed by the West.

A forward agreement from Russia to diversify grades to India

During a trip to India by its boss, Igor Setchine, Rosneft signed a contract with the Indian Oil Company to significantly increase oil supplies and diversify grades to India. However, the amount of the contract signed and the volumes decided under this agreement were not specified by Rosneft.

Russia redirects oil exports to India and Asia to make up for lost markets in Europe

Faced with the loss of certain markets in Europe, Russia has turned to Asia to compensate for this decline in activity. Indeed, new outlets have allowed Moscow to reduce its dependence on Europe. However, this new orientation towards Asia is not without consequences, as it leads to an increased dependence on Asian heavyweights, particularly China and India.

Despite these new outlets in Asia, Russia remains dependent on these trading partners, who have the opportunity to negotiate prices downwards. This represents a difficulty for Russia, which must find solutions to maintain satisfactory margins while maintaining balanced trade relations with these Asian countries.

Russia seeks to de-dollarize its economy

Faced with this situation, Russia is seeking to de-dollarize its economy to be less dependent on Washington. Thus, Rosneft has specified in a statement the possibility of making payments in national currency. This is part of a broader policy of de-dollarization of the Russian economy, aimed at strengthening its independence from the United States.

India, Russia’s new trading partner for oil exports

In this strategy of diversifying its trade partners, Russia has found a strong ally in India. Indian companies are partners of Rosneft in several of its major projects in Russia, including the development of the Vankor oil and gas field. In 2022, Russia even became one of India’s top five trading partners for the first time, with a trade volume of $38.4 billion.

This cooperation between Russia and India is expected to continue and strengthen in the coming years, offering new growth opportunities for both countries.

Argentina seeks to overturn a U.S. court ruling ordering it to pay $16.1bn to two YPF shareholders after the 2012 partial expropriation of the oil group.
The United States has issued a general license allowing transactions with two German subsidiaries of Rosneft, giving Berlin until April 2026 to resolve their ownership status.
An independent report estimates 13.03 billion barrels of potential oil resources in Greenland’s Jameson Land Basin, placing the site among the largest undeveloped fields globally.
Impacted by falling oil prices and weak fuel sales, Sinopec reports a sharp decline in profitability over the first three quarters, with a strategic shift toward higher-margin products.
Citizen Energy Ventures enters the private placement market with a $20mn fund to develop eight wells in the Cherokee Formation of Oklahoma’s historic Anadarko Basin.
US crude stocks dropped by 6.9 million barrels, defying forecasts, amid a sharp decline in imports and a weekly statistical adjustment by the Energy Information Administration.
Lukoil has started divesting its foreign assets following new US oil sanctions, a move that could reshape its overseas presence and impact supply in key European markets.
Kazakhstan is reviewing Lukoil's stakes in major oil projects after the Russian group announced plans to divest its international assets following new US sanctions.
The Mexican state-owned company reduced its crude extraction by 6.7% while boosting its refining activity by 4.8%, and narrowed its financial losses compared to the previous year.
The new US licence granted to Chevron significantly alters financial flows between Venezuela and the United States, affecting the local currency, oil revenues and the country's economic balance.
Three Crown Petroleum reports a steady initial flow rate of 752 barrels of oil equivalent per day from its Irvine 1NH well in the Powder River Basin, marking a key step in its horizontal drilling programme in the Niobrara.
Cenovus Energy adjusts its MEG Energy acquisition offer to $30 per share and signs a voting support agreement with Strathcona Resources, while selling assets worth up to CAD150mn.
Iraq is negotiating a potential revision of its OPEC production limit while maintaining exports at around 3.6 million barrels per day despite significantly higher capacity.
Le Premier ministre hongrois se rendra à Washington pour discuter avec Donald Trump des sanctions américaines contre le pétrole russe, dans un contexte de guerre en Ukraine et de dépendance persistante de la Hongrie aux hydrocarbures russes.
Nigerian tycoon Aliko Dangote plans to expand his refinery’s capacity to 1.4 million barrels per day, reshaping regional energy dynamics through an unmatched private-sector project in Africa.
COOEC has signed a $4bn EPC contract with QatarEnergy to develop the offshore Bul Hanine oil field, marking the largest order ever secured by a Chinese company in the Gulf.
The group terminates commitments for the Odin and Hild rigs in Mexico, initially scheduled through November 2025 and March 2026, due to sanctions affecting an involved counterparty, while reaffirming compliance with applicable international frameworks.
Shell has filed an appeal against the cancellation of its environmental authorisation for Block 5/6/7 off the South African coast, aiming to continue exploration in a geologically strategic offshore zone.
The Greek government has selected a consortium led by Chevron to explore hydrocarbons in four maritime zones in the Ionian Sea and south of Crete, with geophysical surveys scheduled to begin in 2026.
Algerian company Sonatrach has resumed exploration activities in Libya's Ghadames Basin, halted since 2014, as part of a strategic revival of the country's oil sector.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.