India's oil imports from Iran fell about 16 percent in June compared to May, tanker arrival data showed.
"Iran has always been a reliable energy partner for India and others, seeking a balanced oil market and regional prices of oil which ensure the interest of both countries as consumer and supplier," the statement said.
India was one of the few countries that continued to deal with Iran during previous sanctions although it had to cut imports from Tehran as banking, insurance and shipping channels were choked.
"We do share a very strong, very good relationship, we are in touch with them (Iran) on several issues including on the fallout of the U.S. withdrawal from (the nuclear deal)," said Raveesh Kumar, India's Foreign Ministry spokesman.
Officials from the U.S. Treasury Department are expected to meet Indian officials next week regarding sanctions on Iran.
Kumar said India is closely watching the situation and will do "whatever is mandated to be done in our national interest".
Iran also wants India to expedite its investment and accelerate engagement for the development of Chabahar port in Iran, the statement said.
The Indian-backed Chabahar port complex is being developed as part of a new transportation corridor for land-locked Afghanistan that could open the way for millions of dollars in trade and cut dependence on neighbouring Pakistan.
India is trying to make Chabahar port operational by 2019, India's transport minister said last month.
(Reporting by Nidhi Verma; Editing by Dale Hudson)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)