oil News

Iran Oil Liability Fears Grow as Insurance Ban Bites

A ban on European Union insurers covering Iranian oil exports has forced ship owners to fall back on new, untested insurance providers, raising fears that governments may have to pay in the event of an oil spill. The July ban, …

Willis Sees Threats on Horizon for Booming Latin American Energy Industry

“The booming Latin American energy industry is not insulated from the threat of a euro zone collapse or hostilities in the Middle East,” warned global insurance broker Willis. Speaking to a gathering of energy companies in Foz Do Iguacu, Brazil, …

Exxon Hit With New Lawsuit Over Yellowstone Spill

More than a dozen eastern Montana landowners have filed a lawsuit against Exxon Mobil Corp. claiming the company ignored warnings before a pipeline break that spilled an estimated 1,500 barrels of crude oil into the Yellowstone River. The lawsuit from …

US Renews Waivers of Iran Sanctions for Japan, EU Nations

The United States has renewed waivers on Iran sanctions for Japan and 10 European countries because they cut their purchases of the OPEC nation’s crude oil, Secretary of State Hillary Clinton said on Friday. The renewal means banks in the …

Commentary: Iran Confident It Is Winning Sanctions War

Despite ludicrous claims to the contrary, Western sanctions have hurt Iran’s crude oil exports, but it’s also not all gloom and doom. In unsurprising, but obviously factually incorrect, remarks, the director of international affairs at the National Iranian Oil Co. …

How Iran’s Main Oil Buyers Deal with Insurance Sanctions

Insurance companies based in the EU are not allowed to provide cover for ships that carry Iranian cargo. The EU sanctions are aimed at the protection and indemnity (P&I) clubs based in the EU, which dominate the marine insurance industry. …

Asia’s Iran Crude Oil Imports to Regain Levels Prior to EU Insurance Ban

Asia’s crude imports from Iran are set to recover in September to levels reached before a July 1 insurance ban by the European Union plunged trade with the Islamic Republic into uncertainty not seen in decades. Top Asian buyers — …

Insurance Deal Lets India Resume Shipping Iran Oil

India has joined Japan in offering government-backed insurance for ships carrying Iranian crude in order to bypass European sanctions that have nearly halved Iranian oil exports to key markets. The first Indian ship to carry oil from Iran with Indian …

Obama Tightens Sanctions on Banks Helping Iran Sell Oil

President Barack Obama announced new U.S. sanctions on Tuesday against foreign banks that help Iran sell its oil and said the measure would increase pressure on Tehran for failing to meet its international nuclear obligations. Obama’s decision, in an executive …

US Congressional Negotiators Reach Deal on New Iran Sanctions

U.S. lawmakers moved a step closer to finalizing new sanctions aimed at further restricting Iran’s oil revenues after negotiators from the Senate and House of Representatives agreed on a compromise bill on Monday. The bill includes several new provisions seeking …