Rosneft has struck a crude term deal with Indian Oil Corp. (IOC) to supply up to 2MM mt (40K b/d) of Urals crude before the end of this year via the Russian port of Novorossiysk. The Russian state energy firm agreement with IOC's the first term supply deal Rosneft has inked with an Indian firm. Indian refiners had been looking to diversify their crude sources following the attack on Saudi Arabian oil infrastructure in mid-Sept, of last year. Indian Oil Minister Dharmendra Pradhan said that "this is just the beginning" of the country's crude supply diversification away from the Middle East amid heightened tensions there. 60% of India's crude imports last year came from the Middle East, down from 65% in 2018.
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