India’s Reliance Industries has signed a one-year deal with Russia’s Rosneft to purchase at least 3 million barrels of oil monthly in roubles. This move aligns with President Putin’s efforts to bypass Western financial systems amidst sanctions, securing discounted oil as OPEC+ anticipates extended supply cuts beyond June. The OPEC+ group comprising the Organisation of the Petroleum Exporting Countries (OPEC) and allies, including Russia, is due to discuss the output cuts in an online meeting on June 2.
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