Other reports said India, which meets as much as 85% of its oil need and 90% of LNG needs through imports, has oil reserves of only 100 million barrels which can last only five to six weeks.
The operation manager at Iraq's Rumaila oil field ordered a reduction of "production and pumping... by 100 percent from" the south part of the field starting early Tuesday afternoon.
The fresh selling arises amid reports of the closure of the Strait of Hormuz, which carries about 20% of the world's crude, as Iran continues to rain missiles and drones across West Asia.
Iran's Revolutionary Guards said they would unleash more intense attacks, warning that "the gates of hell will open more and more, moment by moment" on the US and Israel.
Beyond launching missile and drone attacks that forced Qatar's state-run energy firm to halt liquefied natural gas production, Tehran also vowed to choke one of the world's most vital shipping lanes.
