Escalating US pressure on Iran, including sanctions targeting Iranian oil exports, may have had an unexpected consequence – pushing India to diversify its energy supplies by shifting from Tehran to Moscow as a major oil supplier.
State-owned oil refiner Indian Oil Corporation (IOC) has just signed a contract with Russia’s Rosneft for the supply of up to 2 million tons of oil by the end of 2020. The meeting took place on the sidelines of India’s largest weapons fair, DefExpo, currently going on in Lucknow.
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