Magnetic fields can produce an electric current in a closed loop, but only if the magnetic flux linking the surface area of the loop changes with time. The key to induction is change.
$$ \Phi = \int _s B \cdot ds $$
Induced electromotive force through a process called electromagnetic induction in a closed conducting loop of $N$ turns is given by:
$$ V_{emf} = -N \frac{d \Phi}{dt} = -N \frac{d}{dt} \int _s B \cdot ds $$
Total EMF is given by:
$$ V_{emf} = V_{emf} ^{tr}+V_{emf}^{m} $$
$$ V_{emf}^{tr} = -N \int _s \frac{\delta B}{\delta t} \cdot ds \text{, transformer EMF} $$
If loop has an internal resistance $R_i$, the circuit can be represented by the equivalent circuit below:
Equivalent circuit.
The current $I$ flowing through the circuit is given by:
$$ I = \frac{V_{emf}^{tr}}{R+R_i} $$
The polarity of $V_{emf}^{tr}$ and the direction of $I$ is governed by Lenz’s law, which states that the current in the loop is always in a direction that opposes the change of magnetic flux $\Phi (t)$ that produced $I$
$B_{ind}$ serves to opposte the change in $B(t)$ and not necessarily $B(t)$ itself
$$ \nabla \times E = -\frac{ \delta B}{\delta t} $$