Rosneft and Indian Oil Corp (IOC) are yet to renew their oil supply agreement, which expired in March, due to disagreements over price and volumes. This impasse has compelled IOC to turn to spot markets for oil procurement. Despite the possibility of a deal if terms are agreed upon, the absence of a renewed contract has prompted IOC to seek Russian oil from spot markets amid discounted prices post-Ukraine invasion. Negotiations between IOC and Rosneft for a yearly contract have faced challenges, including lower supply offers and pricing discrepancies. Responses from involved parties are awaited.