Rosneft reassures India and China of stable oil supplies
Russia's top oil company, Rosneft, just reassured India and China that their oil supplies will keep flowing smoothly, even with the conflict in West Asia shaking up global energy routes.
Rosneft CEO Igor Sechin said at a recent forum that since April 2022, the combined value of Russian oil supplies for China and India has already crossed $40 billion.
India diversifies oil imports amid disruptions
With trouble in West Asia disrupting key shipping lanes like the Strait of Hormuz (which handles about 20% of the world's oil), India (once heavily reliant on this region) has started getting more of its oil from Russia, Venezuela, and Africa.
Sechin also pointed out that as India's demand for oil keeps rising fast, it's crucial to have stable partners and keep an eye on other chokepoints like the Straits of Malacca and Panama Canal.