With tougher US sanctions relating to oil exports ready to return later this year, Iran is reportedly selling oil and gas to India and China at prices lowest in the last 14 years. Also Read - 'Racial Violence Has no Place in Our Society': Snapchat Says Won't Promote Donald Trump's Account on Its Platform

According to state news agency IRNA, sources in Iran’s oil ministry said that details of the discount cannot be disclosed. Also Read - Trump Administration to Suspend Flights by Chinese Airlines to US From June 16: Report



However, a Bloomberg report on Friday said that the state-run National Iranian Oil Company was reducing official prices for September sales to Asia to their lowest level in 14 years, compared with Saudi crude. Also Read - Ladakh Standoff: High-level Talks Between Militaries of India And China Likely on June 6

The United Nations will seek to block Iran’s international oil sales from November 5, when the second phase of sanctions are reimposed as part of Washington’s withdrawal from the 2015 nuclear deal.



US President Donald Trump has issued a strong warning to anyone trading with Iran, following his re-imposition of sanctions on the country.

“The Iran sanctions have officially been cast. These are the most biting sanctions ever imposed and in November they ratchet up to yet another level. Anyone doing business with Iran will not be doing business with the US. I am asking for world peace, nothing less,” Trump said in a tweet earlier this month.

While China has said it won’t cut down on its oil imports from Iran, India – the second biggest crude customer for Iran – seems to have taken a cautious path.

According to a Bloomberg report, India may cut its imports from Iran by half to secure a waiver from the U.S. to continue with shipments.

US officials had discussed the issue of a conditional waiver on sanctions in talks last month in New Delhi. India has expressed its inability to scrap oil imports from Iran completely as its supplies are being offered at competitive rates, according to the report.

Meanwhile, other reports have suggested that despite numerous incentives to buy oil from Iran, India is looking at other options which include increasing volumes from Venezuela and Nigeria.