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RUSSIA: India Pivots from Russia to West for Advanced Weapons

RUSSIA
CEEMEAEM BulletRussiaBulletEmerging Market News
  • India has sharply reduced orders for defense equipment with Russia and is now buying more from Western suppliers, Bloomberg report citing senior Indian officials. The piece adds that India and Russia’s plans to jointly develop and manufacture helicopters and advanced fighter jets were shelved some time ago, while a separate proposal to lease a nuclear-powered submarine from Russia to train Indian crew is also unlikely to move forward.
  • Oil production in Russia will resume growing in 2025 and increase by 1% to 9.2 million bpd, not including gas condensate, Vedomosti report citing forecasts from VTB. The bank's analysts expect global oil demand to grow by 1%, with the easing of OPEC+ production restrictions also expected to set the stage for Russia to increase output.
  • There are no major data releases or speaker events scheduled for today.
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  • India has sharply reduced orders for defense equipment with Russia and is now buying more from Western suppliers, Bloomberg report citing senior Indian officials. The piece adds that India and Russia’s plans to jointly develop and manufacture helicopters and advanced fighter jets were shelved some time ago, while a separate proposal to lease a nuclear-powered submarine from Russia to train Indian crew is also unlikely to move forward.
  • Oil production in Russia will resume growing in 2025 and increase by 1% to 9.2 million bpd, not including gas condensate, Vedomosti report citing forecasts from VTB. The bank's analysts expect global oil demand to grow by 1%, with the easing of OPEC+ production restrictions also expected to set the stage for Russia to increase output.
  • There are no major data releases or speaker events scheduled for today.