Indian oil refineries will reduce the purchase of crude oil from Iran in the next two months to win waivers on the oil export sanctions Washington plans to reimpose on Tehran in November, Reuters reported.

During September, Iran's oil supplies to India will decline to less than 12 million barrels.

India rejects the resumption of US sanctions, but winning a waiver from the restrictions is a must for New Delhi to protect its wider exposure to the U.S. financial system.

Indian oil ministry in June told refiners to prepare for a “drastic reduction or zero” Iranian imports from November.