Insurance news from Iran shows oil tankers are bypassing embargoes

September 19, 2012April 30, 2013

Iranian vessels are now easily skirting around the E.U. sanctions. Though the sanctions from the E.U. against Iranian oil tanker coverage had been making insurance news with their efficacy when they were first set into place in July, the Middle Eastern country has since shown that it is no longer struggling with those bans. The coverage embargoes are no longer in the way of Iran’s crude shipments. According to the Central Insurance of the Islamic Republic of Iran’s deputy head for planning and development, Rahim Mosaddeq, “Most of the sanctions…

Insurance news shows UAE beginning a new oil pipeline

July 18, 2012August 28, 2012 S.Vagus

It is designed to bypass the problems that would arise if Iran lives up to its threat to shut down a strait. The new pipeline in the United Arab Emirates is making insurance news as it was inaugurated on Sunday to create an important and long awaited bypass of the Strait of Hormuz. This provides the UAE with greater protection against Iran. Tehran has been threatening to block this vital waterway, which would cause a serious stoppage to Dubai’s ability to ship its oil internationally. This threat has become even…

Iran oil insurance news shows massive reductions from Asian buyers

June 29, 2012June 29, 2012 S.Vagus

The country’s leading importers from Asia have reduced their shipments by 18 percent. The latest insurance news regarding the EU and U.S. embargo on Iranian oil has shown that the top Asian buyers of that country’s crude have cut their imports by approximately 18 percent, reducing the shipments to those nations by over a quarter of a million barrels every day within the year’s first five months. The American sanctions became effective Thursday and the European Union’s will be on Sunday. The majority of the exports from Iran are shipments…