To a question on the United States exemption from sanctions for Chabahar Port, Mr Kumar said: "We have taken note of the USA statement that exception has been provided under the Iran Freedom and Counter Proliferation Act of 2012 with respect to development of Chabahar Port and the construction of an associated railway line".
Broader oil markets continue to see steady declines, and WTI barrels have fallen by 20% in barely sick weeks.
Oil prices have come under downward pressure from rising supplies, even though Iranian exports are expected to fall because of new US sanctions.
While Iranian oil exports are expected to fall because of USA sanctions that took effect on Monday, reports from OPEC and other forecasters have indicated that the global market could see a 2019 supply surplus as demand slows.
Crude oil prices fell Tuesday, briefly entering bear market territory, after the USA said it will allow some of Iran's biggest customers to continue importing the Opec member's crude without violating reinstated us sanctions.
The U.S. Energy Information Administration report on crude oil inventories is due to be released on Wednesday at 10:30a.m. EST.
On the supply-side, oil is in ample availability despite the sanctions against Iran.
217 tankers worldwide transported Iranian crude oil exports between January and June 2018, 81 of which were Greek-owned - by comparison, only 51 of the tankers were owned by Iranian entities.
The EIA is predicting that output will reach 12.1 million barrels per day in the new year.
The United States is now the world's biggest crude oil producer, pushing Russian Federation and Saudi Arabia to the back seat. Portfolio managers have been net sellers of 371 million barrels since the end of September, taking their net long position to the lowest level for 15 months, according to records published by regulators and exchanges.
The market focused on record US crude production and signals from Iraq, Abu Dhabi and Indonesia that output will grow more quickly than expected in 2019. Russian Federation and the Saudis have pledged to increase production to more than make up for any lost Iranian supplies. Iraq has also received a waiver for the import of electricity from Tehran.
The sanctions, however, are unlikely to cut as much oil out of the market as initially expected as Washington has granted exemptions to Iran's biggest buyers which will allow them to continue buying limited amounts of crude for at least another six months. It makes the United States the world's biggest producer of crude.
Forecasts of a 2019 supply surplus and slowing demand have also dented the market.
The Americans have shown this year that they are capable of ramping up production by more than the Saudis can cut it. Since the EIA report is positively correlated with API, can we expect EIA to report a build in inventories?