"India will continue buying Iran's oil regardless of US pressures but it will decrease the volume of oil imports from Iran," Chairman of Iran-India Joint Chamber of Commerce Ebrahim Jamili said on Sunday, reported Fars News Agency.
He underlined that a number of oil refineries in India have been constructed only to be fed with Iran's crude quality, adding that New Delhi will face economic problems if it does not purchase supplies from Iran.
"Iran and India have extensive cooperation in fields other than oil too" which makes it difficult for New Delhi to stop crude purchase from Tehran.
Indian buyers considerably increased crude imports from Iran in September as compared to August.
Indian buyers boosted purchases of Iranian crude to 502,000 bpd in September — up 111,000 bpd from the figure for August, the Indian media cited traders and shipping intelligence firm Kpler as reporting earlier this month.
The rise came despite a November 4 deadline set by US President Donald Trump for companies to bring their trade with Iran to a halt.
India is the second biggest purchaser of Iranian crude after China which also increased shipments from Iran by 29,000 bpd to 620,000 bpd.
According to Kpler, China cut its US purchases amid an ongoing trade spat with the United States.
Indian Oil Corp. will lift six million barrels of Iranian oil and Mangalore Refinery and Petrochemicals Ltd. three million barrels.