Live Insurance News

Insurance news from Iran shows crude exports rising

November 16, 2012April 30, 2013

Despite Western sanctions there has been an increase of approximately 70,000 barrels per day (bpd). The October insurance news out of Iran has shown that even though the American and European Union sanctions are still in place against covering oil exports from Iran, their exports still increased by about 70,000 barrels per day, reaching 2.7 million bpd that month. This shows that the Western bans are not having the intended impact on the country. Over the two previous months, the Iranian crude exports spiked to 1.3 million bpd from having…

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…

Iran shows oil exports to Asia may return to levels before EU ban

August 30, 2012August 30, 2012 H. Cutner

Crude imports to several countries will likely reach the quantities from before July 1. At the start of July, the European Union made insurance news when it banned coverage on all tankers shipping oil from Iran, but over the last few months, that Middle Eastern country has recovered its shipments to its top Asian buyers, successfully enough that it may return to the levels that it saw before the sanctions went into place. In July, oil exports from Iran plummeted when other countries couldn’t find the coverage they needed. This…

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…

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

June 27, 2012April 30, 2013

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…

Latest insurance news for Iranian oil tankers

June 12, 2012April 30, 2013

Coverage bans show that Japan is in and India is out The insurance news regarding the European Union’s ban on coverage for Iranian oil tankers has just experienced another update, as Japan has approved their own policies, while India has announced that they are aligning with the EU’s decisions. The Cabinet in Japan has just approved a bill to offer sovereign coverage to tanker operators importing crude from Iran. Operators that import Iranian oil before the sanctions from the European Union against this nation go into full effect will now…