On the anvil is some kind of extension of the Discovered Small Field (DSF) bid round where discovered and producing fields of Oil and Natural Gas Corp (ONGC) are auctioned to firms offering the maximum share of output to the government

Will the future of the port depend on a further reduction? Washington, it seems, isn't comfortable enough to respond as yet.

Trump administration imposed the toughest ever sanctions on Iran and is very restrictive in giving exemptions, is seen as a recognition by Washington of India's major role in the development of the port on the Gulf of Oman

Pakistan's Finance Minister Asad Umar says $12 billion is required immediately, a large chunk of which is expected to be drawn from the IMF.

US Secretary of State Mike Pompeo said the waivers were issued to countries that have already cut purchases of Iranian crude over the past six months.