Live Insurance News

Iran oil insurance sanctions may soon be eased

November 26, 2013November 25, 2013 H. Cutner

The recent nuclear deal could cause the sale of crude to rise considerably in the country. Now that a nuclear deal has been reached, it is believed that the Iran oil insurance sanctions may soon be eased, assuming that the country will indeed uphold its end of the agreement. This will mean that big buyers of crude, such as India and China, will be able to boost their imports. One of the elements of the agreement that was reached on Sunday between Tehran and six world powers was that the…

Oil insurance pool for Iranian crude expected for India in December

November 15, 2013November 12, 2013 G. Turner

oil insurance news Iran imports stopped from india

The Finance Ministry is hoping that the fund will be formalized by next month and is encouraging speed. The Finance Ministry in India is asking the Petroleum Ministry to work more quickly in their effort to complete the procedure for the creation of the oil insurance pool that would make it possible to provide coverage for tankers bringing Iranian crude to the country. This effort is designed to allow the country’s refineries to circumvent the Western sanctions against Iran. The oil insurance pool has been designed by the Indian government…

Oil insurance fund delays shrink Indian imports of Iran crude

November 5, 2013November 2, 2013 H. Cutner

As refiners continue to await the full operation of the program, not as many tankers are leaving Iranian ports for India. The imports of Iranian crude to India have dropped by 40 percent over the span of January through September as a number of refiners in the country have been slashing their purchases as they await the oil insurance coverage that New Delhi has been promising for the coverage of plants provide the local processing. The Western sanctions from Europe and the United States continue to hold back Iran’s export…

Oil insurance between India and Iran hits delay

October 10, 2013October 8, 2013 Julie Campbell

This has led the container and crude trade between the countries to experience a considerable disruption. Uncertainty over oil insurance coverage has caused crude and container trade between India and Iran to grind to a halt in some areas and face massive disruptions in others, as certain ships now find themselves stranded outside the ports of both of those nations. These delays have happened as a result of the lack of approval from New Delhi regarding the Iranian coverage. The Indian approval had not yet been granted to Iranian underwriters…

Oil insurance sanctions still affecting South Korean Iran crude imports

October 3, 2013October 1, 2013 H. Cutner

The country had imported 1.97 million barrels per day throughout the month of August. The latest reports regarding the impact of the oil insurance sanctions from the west on Iran regarding the crude that leaves that country’s shores have indicated that South Korea did import 1.97 million barrels per day of Iranian crude throughout the month of August. When compared to the figures from August 2012, this is notably higher, only because the country imported nothing. The oil insurance sanctions had only just gone into effect at that time last…