Raveesh Kumar, the spokesperson for the foreign ministry of India said that his country is prepared to stop purchasing oil from Iran and abide by U.S sanction regulations.

According to Reuters, Kumar stated that New Delhi intends to find other oil providers to meet its needs. India is the second largest customer of Iranian oil, the first being China.

Since last November when the U.S oil sanctions against Iran went into effect, India and seven other countries received sanction waivers for six months; giving them time to find another oil provider to replace Iranian oil.

Those waivers expired on Thursday, May 2. It was recently reported that India has not registered any oil orders with Iran for the month of May.

Previously, Saudi Arabia and Iraq had announced that they are ready to compensate for the void of Iranian oil in the market, which received strong reactions from the Islamic Republic officials.

On his trip to Iran, the secretary general of OPEC said “removing Iran from the oil market” is impossible.

However, despite the expiration of the sanction waivers on Wednesday, and the continuation of the political crisis in Venezuela, on Thursday, the price of oil not only did not rise but it dropped by three percent in the international market.