Meanwhile, US crude oil production surged by 416,000 bpd to a record 11.346 million bpd in August, the US Energy Information Administration (EIA) said in a monthly report this week.
US national security adviser John Bolton said on Wednesday the Trump administration wants sanctions on Iran's crude exports to strain Tehran, but does not want to harm countries that depend on the oil.
India would continue to buy Iranian oil in the current fiscal year to March but to secure the waiver may agree to further cut purchases, the source said.
The sanctions that'll come into force Monday penalize countries that don't stop importing Iranian oil and foreign companies that do business with blacklisted Iranian entities.
India on Thursday said it was engaged with the US, Iran and other stakeholders on the issue of American sanctions on import of Iranian oil, amid indications that the Trump administration may grant New Delhi waiver from punitive measures.
But, as a condition of waiver, Indian oil firms will reduce their imports to 14-15 million tonnes, the source said.
Urjit Patel may resign as Jaitley’s remarks widen RBI-govt rift
Arguing against the Centre's proposal, the RBI had said, "The digital payments have made good and steady progress". These powers allow the government to issue directions to the central bank governor.
Merkel to give up leadership of party but remain chancellor
However, the CDU's share of the vote fell by more than 11 points, to 27% - marking the worst result for the party since 1962. The announcement is a sign of Merkel's weakened power within her own party, and waning popularity in the country.
Pakistan score 155-8 in first T20 against Australia
He praised the number one ranked T20I side in the world while also calling Australia's batting approach cocky. The second and third T20 internationals will be played in Dubai on Friday and Sunday.
The objective of the law, which came into effect during the Obama administration, was to put pressure on Iran to curtail its nuclear programme by forcing its major oil customers to reduce their purchases.
"Year-on-year growth in United States crude oil production has averaged nearly 1.5 million barrels per day in the first eight months of the year. with output from many key producing regions reaching new all-time highs", said Barclays bank.
Goldman Sachs said it expects Iran's crude oil exports to fall to 1.15 million barrels per day (bpd) by the end of the year, down from around 2.5 million bpd in mid-2018.
Turkey, a key destination for Iranian crude, may be among countries that are getting an exemption, Energy Minister Fatih Donmez told reporters in Ankara on Friday.
That's symbolically important to the Trump administration because President Barack Obama's administration took three years to remove 1.2 million barrels from the market - and that was while acting in concert with the European Union and other nations before the global effort yielded the 2015 deal. After the latest round of United States sanctions was announced, HPCL was the first Indian refiner to halt purchases from Iran after its insurer backed out. "This leading state sponsor of terrorism is going to see revenues cut off significantly that will deprive it of its ability to fund terrorism throughout the region". "There is much more that it's going to need to do", he said.
"Iranian crude is not a significant item in our crude basket". "The message they're sending is don't screw around with these escrow accounts and try to get cute".