Oil prices slipped further on Friday, heading for a weekly loss of more than 6 percent, after a report that Washington has granted several countries waivers on sanctions on Tehran, allowing them to continue to import Iranian crude. Iran was Ankara's biggest source of the fuel a year ago, accounting for more than a quarter of Turkey's daily average imports of around 830,000 barrels, according to data from the market regulator.
Iran said it does not fear the impending USA sanctions that are set to go into effect next week.
Beyond Iran sanctions, oil output has been rising significantly in the past two months.
"We have sought to bypass an unwilling regime in Islamabad by establishing in June 2017 an air freight corridor between India and Afghanistan, [and] develop the Chabahar Port as a gateway for onward connectivity to and from Afghanistan and Central Asia", Mr Gokhale said.
WTI and Brent crude futures continued to trend lower following reports that the U.S. has agreed to let several countries keep purchasing Iranian oil.
The sources said New Delhi and Washington "have broadly agreed on a waiver", detailing that "India will cut import by a third, which is a significant cut".
There have been indications that India may not totally stop import of crude oil from Iran.
This would mean 1.25 million tonnes a month up to March 2019, the same as companies ordered for October and November, the source said.
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The source said US Secretary of State Michael Pompeo was expected to announce the number of exemptions later on Friday.
Bloomberg reported on Friday that South Korea and Japan had received waivers along with India, which relies heavily on Iranian supplies.
In the previous round of sanctions India made payments in rupees to Iran's account with UCO bank.
"In practical terms, this will mean that E.U. member states will set up a legal entity to facilitate legitimate financial transactions with Iran and this will allow European companies to continue to trade with Iran in accordance with European Union law and could be open to other partners in the world", she told reporters. Iran used the funds to buy goods from India. Currently, Iran provides its tankers as well as insurance for oil cargoes to India.
Refineries using Iranian oil have also faced insurance issues during renewals in recent months.
"Mr. Juster also denied that India's position on the sanctions had anything to do with US President Trump's decision to regret India's invitation to the Republic Day Parade".
India prefers Iranian oil as it comes cheap and suits many refineries' technical configuration.