United States sanctions will target Iran's crude oil exports from Nov 4, and Washington has been putting pressure on governments and companies worldwide to cut their imports to zero.
With US sanctions on Iran looming, Moody's Investors Service had estimated a $500 million decline in earnings for Indian state-owned refiners, IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) on account of substituting crude oil imports from the Persian Gulf country.
Pradhan said a new world order was being established and added, "Is this not a recognition of India's leadership?"
The nation continued buying Iranian oil during the previous round of sanctions, from 2012 to 2015, although it cut its purchases significantly to protect its access to the U.S. market.
However, the Trump administration this weekend announced it is considering waivers on sanctions for countries that are merely reducing their imports of Iranian oil.
Oil prices fell on Monday but pared losses along with the USA stock market as investors bet that China's economic stimulus steps on Sunday would be sufficient to boost the world's No. 2 economy and bolster its crude demand.
Reuters had reported on Friday that India would buy 9 million barrels of Iranian oil next month.
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According to the Iranian minister, the higher Saudi supply to the market in recent weeks is the result of tapping its oil inventories rather than tapping into its spare capacity.
"India is continuing with its relationship with both its key energy partners Iran and the USA", a second source said.
India had diversified its oil supplies to cushion the impact of sanctions, he said.
Concern that the U.S.
US market participants also reacted to a bullish report by market intelligence firm Genscape showing crude inventories recently fell at the USA storage hub in Cushing, Oklahoma, analysts said.
While Washington has said it wants to cut Iran's oil exports to zero, Iran and Saudi Arabia say that is unlikely. "Iran's oil can not be replaced by Saudi Arabia".
Oil prices have extended a rally on expectations the sanctions will test the Organization of the Petroleum Exporting Countries and other producers.
Increasing tensions between the USA and Venezuela; the U.S. demanding an end to all imports of Iranian oil by early November; and the rupee's performance as Asia's worst performing currency of the year have compounded the situation and put India in a hard spot.