Iran will do its best to ensure security of oil supply to India by offering "flexible measures" to boost bilateral trade, a statement from Tehran's embassy in New Delhi said.
The embassy’s official statement said Iran understands the difficulties India faces while navigating a volatile energy market and noted Iran has been a reliable energy supplier to the world’s fourth-largest importer of crude.
Last month, India asked refineries in the country to prepare for drastic reductions or complete halt of Iranian oil imports.
Iran is the third-biggest oil supplier to India and has offered refiners incentives including almost-free shipping and an enhanced credit period on oil sales.
Data showed that India's oil imports from Iran fell about 16 percent in June compared to May.
India was one of the few countries that continued to deal with Iran during previous sanctions although it had to cut imports from Tehran as banking, insurance and shipping channels were choked.
India's Foreign Ministry spokesman Raveesh Kumar indicated that India shares a very strong, good relationship with Iran. He asserted that New Delhi is in touch with Tehran on several issues including on the fallout of the US withdrawal from the nuclear deal.
Kumar said India is closely watching the situation and will do "whatever is mandated to be done in our national interest".
Officials from the US Treasury Department are expected to meet Indian officials next week regarding sanctions on Iran.
