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Oil supplies from Iran to India are on schedule despite a new wave of sanctions imposed on the Islamic nation by the West, India's Oil Minister S. Jaipal Reddy said, Reuters reported.

Iran is India's second-biggest oil supplier after Saudi Arabia and exports total about $12 billion a year, meeting about 12 percent of India's import needs.

India and Iran have been struggling to find a permanent mechanism to settle their bilateral trade, especially since December when India's central bank scrapped a clearing house mechanism -- a move welcomed by the United States which is trying to isolate Tehran over its nuclear program.

It has been reported earlier that no consensus was reached on Iranian oil embargo issue. Some countries have put forward the idea of oil embargo, but there is no final decision made so far.

This week the foreign media referring to the European Union Energy Commissioner Guenther Oettinger published the information about the consensus within Europe that has been reached for the ban oil imports from Iran. According to the reports, Oettinger said the consensus has been reached, not specifying when the EU would implement a ban.

According to the U.S. Energy Information Administration (EIA) as of January 2011, Iran has an estimated 137 billion barrels of proven oil reserves, 9.3 percent of the world's total reserves and over 12 percent of OPEC reserves.

In 2010, Iran exported approximately 2.2 million bbl/d of crude oil. Last year Iran's net oil export revenues amounted to approximately $73 billion. In January-June of 2011 Iran exported 450,000 b/d to Europe Union, 341,000 to Japan, 328,000 to India, 244,000 to South Korea, 182,000 to Turkey and 543,000 to China.