The United States believes global oil supplies will exceed demand next year, making it easier for countries to cut Iranian oil imports to zero, Brian Hook, the US special representative for Iran, told reporters.
However, a source close to the project say executives at Zarubezhneft have scrapped the deal ahead as further United States sanctions are about to come into force against Iran, according to Reuters.
India along with seven other nations have been exempted from sanctions getting imposed against them for importing oil from Iran.
"We would lose foreign currency revenue had we'd been hit by the sanctions".
To punish Iranian banks, US Treasury Secretary Steve Mnuchin said SWIFT - which enables secure bank-to-bank communications and transactions - will also face sanctions if it provides services to blacklisted Iranian financial institutions.
The UK, France, Germany, Russia and China were also parties to the 2015 accord and have stuck to it, saying they will set up a new payment system to maintain business with Iran and bypass United States sanctions.
"SWIFT now must make a choice", he said: refuse to deal with Iran banks on the U.S. blacklist, or face sanctions itself.More news: Barrick, Randgold sweeten dividend ahead of takeover deal vote
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Shortly after the Islamic Revolution in 1979, Iranian students stormed the American embassy, taking 52 hostages for 444 days.
The resumed sanctions targeting Iran's energy, banking, shipping and ship-building sectors had been lifted because of Iran's compliance with the 2015 Iran nuclear deal, which Trump withdrew from in May.
The US will grant partial exemptions, known as waivers, to eight governments on condition that any purchases from Iran are at "greatly reduced levels", Secretary of State Michael Pompeo said on Friday.
The United States is able to pressure other nations to stop buying Iranian oil under a 2012 law that allows the president to cut off foreign banks, including central banks, from the US financial system unless they significantly reduce purchases.
The US had insisted on cutting exports to zero but that seems unlikely as it would increase the price of oil, says Scott Lucas, a professor of worldwide politics at Birmingham University. Companies like Total SA and Royal Dutch Shell Plc have halted purchases because the risk of being frozen out of the United States financial system is simply too great.
"With the blessing of God and the insight and vigilance of the Iranian nation, the 13th of Aban this year will turn into a show of national prowess and unity, the humiliation of the Great Satan, the condemnation of the hegemonic nature of the notorious U.S. regime and the Iranian nation's slap in the face of the deceitful United States president and officials", it added.
"Approaching regional and worldwide concerns regarding Iran's conduct and policy rationally will serve that nation and the region better". So India, Iran and Afghanistan can jointly partner in the region to deal with the problem in which the U.S. is stuck.
"There's a key fact here: in this 40-year challenge, the defeated is the USA and the victorious is the Islamic republic".