Iran announced today that the oil payment dispute with India has been resoled. The National Iranian Oil Company (NIOC) Managing Director Ahmad Ghalebani said India will pay part of its overdue invoices in the next few days, with the balance to be paid incrementally in the future. Ghalebani did not disclose the details of the payment terms.
“Following bilateral negotiations, the two sides agreed to settle the outstanding bills as soon as possible," Ghalebani said. “Part of the arrears will be paid in the next few days and the remaining part will be paid by the Indian customers gradually,” he added [SHANA, 31 July].
Ghalebani said oil exports to India will resume as usual. India buys about 400,000 barrels of Iranian crude per day.