E.U. Iran oil insurance sanctions slash country’s exports almost by half

The daily shipments of crude for July could be nearly fifty percent lower than the average in 2011. Due to the Iran oil insurance sanctions by the European Union and those made by the United States, it looks as though the daily crude experts from that country could drop below the halfway mark when compared to 2011’s average in that month. Two of the top buyers of Tehran’s crude, South Korea and Japan, have already ceased all of their imports in July as a result of the sanctions that were…

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Major Chinese ship insurance company to cease Iranian oil tanker coverage

Commercial insurance market for oil tankers tightens A major insurer of Chinese ships has announced that, starting in July, it will be stopping its indemnity coverage for tankers that are transporting Iranian oil. This has dealt another blow to the tanker companies that carry oil – the main export of Tehran – from the Iranian capital, and has further narrowed the coverage options available in a market that has already been pinched by payment barriers put in place by sanctions in the West. As the number of Western sanctions increase…

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Price of Iranian oil expected to spike from ship insurance ban in European Union

According to sources in the insurance industry, a ban is widely forecasted to begin on European insurance coverage for exports of oil from Iran beginning on July 1,2012, and is threatening to restrict shipments from that country, causing costs to rise for large purchasers such as South Korea and Japan. The European Union created a partial exemption from its embargo last week for some insurance companies that cover Iranian oil, until July. Next month, the ministers in the EU intend to go over whether or not those exemptions will be…

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EU permits some Iran oil insurance until July 1

The European Union has announced that it will allow some insurance for Iranian oil shipments to be exempt from Europe’s trade embargo on crude, when they are headed to destinations other than Europe, and that it will have made its decision as to whether or not coverage will be permitted after that time, by mid May. The EU foreign ministers formed the exemption and the planned review for it at a Brussels meeting that added it to a set of rules about the implementation of the oil ban from the…

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