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India Seeks Extended Russian Oil Access as Persian Gulf Conflict Strains Energy Markets

India has requested the United States extend its waiver on Russian crude purchases as an 11-week conflict in the Persian Gulf constrains global energy supplies. Indian refiners are accelerating Russian oil imports ahead of the waiver's expiration and broadening their supplier base to mitigate supply disruptions from the regional conflict. These moves underscore New Delhi's vulnerability to energy shocks. Indian authorities are weighing emergency measures to protect foreign-exchange reserves, including restrictions on non-essential imports and fuel price adjustments. The Reserve Bank of India is also exploring options to stabilize the rupee through foreign-currency bond sales by state lenders, a strategy last deployed nearly 30 years ago. Meanwhile, Adani Power plans to raise 80 billion rupees through debt markets to fund expansion plans.