"We appreciate that the US government has taken into account our need for energy security and understood our sensitivities on this matter", MEA spokesperson Raveesh Kumar said.
The measures are the concrete result of President Donald Trump's decision to withdraw from the 2015 multi-nation nuclear deal signed with Tehran signed during the tenure of former President Barack Obama.
The US administration has allowed India and other seven countries to keep importing oil from Iran, despite its reimposition of crippling sanctions on the Persian Gulf nation from November 5.
The sanctions take effect from Monday and cover Iran’s shipping, financial and energy sectors.
Pompeo said that the US is to issue temporary exemption to eight "jurisdictions" from Iranian sanctions recognising their significant reduction in imports of oil from Iran.
The latest development comes amid reports that India might get waiver from the sanctions.
The MEA's presser comes amid indications that the Trump administration may grant New Delhi waiver from punitive measures.
The US is trying to cut off all oil imports from Iran to zero by November 4 following Trump's decision in May to pull out of the 2015 multilateral deal that eased global sanctions in exchange for curbs on Iran's suspected nuclear programmes and malign activities.
Iran will start on Sunday to offer 1 million barrels of light crude oil on a daily basis, while the minimum volume of purchase will be 35,000 barrels, the report said.
Iran's top diplomat has said that a dialogue with the US remains open if it honours the 2015 Iranian international nuclear deal, IRAN daily reported.
"On S-400, I can tell you that this is dictated by our national interests," ministry spokesperson Raveesh Kumar said at a media briefing on Thursday in New Delhi.
The announcement came two weeks before the Trump administration reimposed some of the United States’ harshest sanctions against Iran, including its oil sector.
Watch: Oil from Iran is illegally smuggled into Pakistan
Last week, Pradhan said two state-owned oil refiners have booked import of 1.25 million tonne (MT) of crude oil from Iran in November.
"My frequent visits to India are indicative of the importance Saudi Arabia attaches to this great nation as a critical energy and a strategic global player," he said calling the county an "emerging superpower".
The meeting, coordinated by the NITI Aayog, is likely to focus on challenges posed by volatile oil prices and the US sanctions on Iran.
The US is trying to cut off all oil imports from Iran following President Donald Trump’s decision in May to pull out of the 2015 multilateral deal.
The move comes ahead of the November 4 deadline set by the Trump administration for countries to bring down their import of Iranian oil to zero.
"We will take care of them," Trump told reporters when asked about the decision of some countries like India and China to continue to purchase oil from Iran.
"We have to fulfill our own domestic requirements. Some of our companies have already nominated theire quota for November," said the Minister for Petroleum and Natural Gas, while referring to import of Iran's oil by Indian companies.
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