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Iran-India Oil Dispute Resolved

Iran's Oil Ministry says a dispute with India over $5 billion in payments for Iranian oil exports has been resolved.

National Oil Company managing director Ahmad Qalebani said that "following bilateral negotiations, the two sides agreed to settle the outstanding bills as soon as possible."

Qalebani said part of the arrears would be paid within the next few days.

"Oil exports to India are continuing," Qalebani added.

India is Iran's second-largest purchaser of oil after China, but failure to pay prompted a warning from Iran in late June that supplies to India would be suspended as of the start of August.

compiled from agency reports