The announcement comes in the backdrop of US" assertion of "zero tolerance' against any country or entity that flouts its diktat to stop buying crude from Iran beyond a November 4 deadline.
North America's oil markets have tightened as an outage of Canada's Syncrude has locked in over 300,000 barrels per day (bpd) of production.
The world's top oil exporter plans to pump up to 11 million barrels of oil per day (bpd) in July, an oil industry source told Reuters this week, after OPEC agreed with Russian Federation and other oil-producing allies to raise output by about 1 million bpd.
Key buyers Turkey and India, who had continued purchasing oil throughout the previous sanctions under the Obama Administration, may continue trading with the Subcontinent, although India is concerned about the risk of losing access to the United States financial system. "When we decide anything on Iran, we will inform you".
In recent weeks, worries about declining oil exports from Iran have been pushing up oil prices.
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Major buyers of Iranian oil, including Japan, India and South Korea, have indicated they may stop importing Iranian crude if USA sanctions are imposed. The statement did not include any specific figures. "As far as we are concerned, we will take all necessary steps including engagement with relevant stakeholders to ensure our energy security", Kumar added. However, summer months in the USA usually lead to increased demand for oil, pushing up the price of gasoline in a midterm election year.
Nayara Energy, an Indian company promoted by Russian oil major Rosneft, is also preparing to halt Iranian oil imports from November after a communication from the government, a second source said. India on its part views Iran as a gateway to Afghanistan and Central Asia besides a key source of energy.
India has said it does not recognise unilateral restrictions imposed by the United States, and instead follows UN sanctions.
While we may have the same position as to the similar announcement from any of our non-OPEC partners i.e. Russia, but I call upon Your Excellency, as the President of the OPEC Conference to uphold and safeguard the long-term principles, unity and interests of the OPEC at this historic juncture.
"If this happens, (it) means Trump is asking Saudi Arabia to walk (away) from OPEC", he told Reuters. That was after Saudi Energy Minister Khalid al-Falih said the kingdom would honor the OPEC decision to stick to a 1-million-barrel increase. The views at the OPEC forum appeared to centre around the expectation that current growth trends in the world's major economies is reinforcing demand not only for oil but for all of the products along its value chain. It produces around 10 million barrels of crude per day, according to OPEC. The price was $74.89 a barrel on 27 June.