Due to European Union sanctions, starting July 1, Europe'sProtection and Indemnity (P&I) clubs will no longer be able toinsure tankers carrying Iranian crude oil. The EU's efforts topunish Iran for its nuclear program means that Iranian oil buyerswill lose access to a market that insures 95% of the world's tankershipments against spills and collisions.
|The market seems to remain complacent about this – forecastersdo not expect sales to drop dramatically, and traders are hopingincreased production in Saudi Arabia and North America will besufficient to offset the drop in Iranian exports.
|The lack of coverage could stop exports entirely. Majorimporters have lobbied to relax or remove the ban withoutsuccess.
|For full story.
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