The lifting of insurance restrictions has helped Iran to increase oil exports


Improvement of insurance conditions tanker of oil supplies from Iran has led to the fact that the growth of oil export from this country was ahead of analysts ‘ forecasts, says Reuters. According to the Agency, in April—may figure amounted to 2.1–2.3 million barrels per day compared to 1.3 million barrels per day a year earlier.

“Iran is stepping up the supply, ahead of forward-looking indicators”, — quotes Agency the opinion of Citi analysts.

According to Reuters, this contributed to the fact that the number of chartered for shipments from Iran to the European and Asian supertankers, each capable of carrying 1 million barrels of oil, has reached at least 26 vessels. That is the number of vessels in the last two weeks either already taken on Board the cargo terminal in Kharg and Bandar-mahshahr, or awaiting loading.

The international group of clubs of mutual insurance and indemnity (International Group P&I), consisting of 13 individual clubs, 16 APR improved insurance conditions tanker of Iranian oil supplies. The limit of reinsurance cover-on-one tanker was raised from €70 million to €100 million, noted in a press release from P&I.

Reinsurance coverage is designed to compensate for the lack of funds payments from U.S. insurers, which are still forbidden to do business with Iran. With reinsurance, the insurer transfers part of the responsibility for insurance risks to other insurers to ensure financial stability and profitability of insurance operations.