"The US will take its foot off the gas on sanctions and ease pressure in getting to zero right at the start in order to not cause a rise in oil prices in the lead-up to elections", said Robin Mills, head of Dubai-based consultant Qamar Energy.
"The US has given a waiver to some countries including India", Pradhan said on the sidelines of an agreement signing event between CSC e-Governance Services and oil marketing companies - BPCL, India Oil and HPCL.
China and Turkey are two other countries which are expected to be on the list of the Iranian oil buyers.
A Chinese official told Reuters that discussions with the US government were ongoing and that a result was expected over the next couple of days.
The US also said that it would issue waivers to eight different countries to allow them to import Iranian petroleum products for a limited period without facing penalties.
Japan and South Korea temporarily stopped oil imports from Iran in September but Indian Oil and Mangalore Refinery and Petrochemicals continued purchases though the overall volume dropped slightly from around 10 million barrels in October to nine million barrels for November. "The other six will import at greatly reduced levels". "We have advised Swift that it must disconnect any Iranian financial institution that we designate as soon as technically feasible to avoid sanctions exposure", Mnuchin said.
Pompeo, meanwhile, expressed confidence that the United States is placing maximum pressure on Iran's government largely by targeting the energy industry.
But the United States has rebuffed them and gone ahead with its sanctions plan, arguing that nations, banks and businesses worldwide will decide they'd rather do business with the USA than Iran.
Former US President Barack Obama had spent considerable political capital to strike a nuclear deal with Iran in 2015.
After the USA withdrawal from the deal, Trump signed fresh sanctions against Iran and warned countries against any cooperation with Tehran over its controversial nuclear weapons programme.
The restoration of U.S. sanctions on Monday targeting Iran's oil sales and banking sectors is part of a wider effort by Trump to force Tehran to halt its nuclear and ballistic missile programmes outright as well as support for proxy forces in conflicts across the Middle East.
"I think we'll still come to regret this decision, even if the sanctions effort bore more fruit than I and others assessed", Nephew, now with Columbia University, wrote on Twitter.
Trump withdrew the United States from the 2015 Iranian nuclear deal in May and began reimposing sanctions on the Islamic republic in August.
The United States is open to a "new, more comprehensive deal" with Iran, President Donald Trump has said ahead of a second and final round of sanctions ordered by him go into effect from Monday, hitting Iran's crude oil exports, shipping and ports and its financial system.