Oil insurance sanctions from EU to ease against Iran next week

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Pending the go-ahead from the U.N nuclear watchdog changes will go into effect on January 20. The governments in the European Union are planning to implement relief to the EU oil insurance and other sanctions that were placed against Iran, on January 20, the day after a nuclear agreement goes into effect. This will mean that the Middle Eastern country will be able to find coverage for its crude exports. Following an accord from November 24, the E.U. will be implementing a six month suspension of the current bans on…

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Oil insurance between India and Iran hits delay

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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…

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Oil insurance sanctions still affecting South Korean Iran crude imports

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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…

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Oil insurance limitations reduced Japan’s Iranian crude imports in April

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Compared to a year ago, the shipments have plummeted to a tiny sliver of what they used to be. As oil insurance sanctions from the European Union and the United States against Iranian crude transportation continue to press on, the size of the imports to Japan have shrunken enormously. When compared to what they had been in April 2012, they were 96 percent smaller in April 2013. Year over year, there has been a reduction of 96 percent in the crude imports to Japan from Iran as a direct result…

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International insurance company formed by Iran for oil tanker coverage

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The country has launched the new coverage as its latest step to overcome Western sanctions. The European Union and the United States had placed sanctions against Iranian oil, including bans on coverage of oil tankers carrying crude from the country, but the nation is now expanding the protection that it is offering for these ships through the launch of its own international insurance company. This insurer will be providing coverage for the tankers that transport Iran crude worldwide. Rostam Qassemi, the Iranian Oil Minister, explained that the creation of its…

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