Iran was India's third-largest oil supplier after Iraq and Saudi Arabia.
Yesterday Secretary of State Mike Pompeo said Iranian oil exports had generated around $50 billion annually and the country has already suffered $10 billion in losses from a partial sanction roll out last November.
Seko also told reporters at a regular press conference that the Japanese government did not see any need to tap national oil reserves following the USA decision by the U.S.
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"Today I am announcing that we will no longer grant any exemptions", Mike Pompeo, the USA secretary of state, said Tuesday.
U.S. West Texas Intermediate crude rose 72 cents to $66.27 per barrel while worldwide Brent oil rose 35 cents to $74.39 per barrel.
Adding spare capacity from OPEC means "there will not be short supply in the market", said Dai.
That will tighten oil supplies as seasonal demand picks up in the Northern Hemisphere, forcing importers to seek alternative supplies, a search made more challenging with production falling off in Venezuela and Libya because of domestic unrest and conflict.
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The last time oil prices surpassed $100 a barrel was during the Arab Spring uprisings, which curtailed supply and pushed Brent prices past that mark from 2011 through 2014.
"Pushing buying oil from other countries besides Iran goes too far".
The Trump administration on Monday said it will not renew exemptions granted past year to buyers of Iranian oil, a more stringent than expected decision that caught several key importers who have been pleading with Washington to continue buying Iranian oil sanctions-free.
But oil analysts said the supply is likely to remain tight through the rest of the year. "The world is awash with oil", Kudlow said during an appearance at the National Press Club.
Ahead of the announcement, Beijing expressed strong opposition to the U.S.' unilateral sanctions against Tehran. "Trump is bizarrely set on this destructive policy even as it threatens USA security and risks American voters' digging deeper into their pockets to pay for rising gas prices".
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The delegation led by Deputy Foreign Minister for Economic Affairs Yoon Kang-hyun will seek more details on the USA decision, said the officials who declined to be named.