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

Insurance rates increase for offshore accounts

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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Iran oil insurance news shows massive reductions from Asian buyers

International Insurance fund news

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…

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EU makes insurance news by forcing South Korea to cease imports of Iranian oil

oil insurance news

Suspension will continue from July onward throughout European Union coverage ban on tankers. South Korea has announced its latest insurance news, stating that it will be suspending its imports of crude beginning in July 2012, following a ban on coverage of the vessels that transport it, by the European Union. The announcement was made in press release by the South Korean Ministry of Knowledge Economy. In it, it claimed that it has ceased its Iranian oil imports as the EU works to cut off any type of insurance for importing…

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