Iran provides fully insured ships for crude shipments to India

TEHRAN: National Iranian Oil Company has provided India and other nations the use of fully insured Iranian vessels as the customers are failing to import oil due to the absence of sufficient insurance for ships.

The nations buying Iranian oil are allowed to ship supplies via Iranian oil tankers that enjoy full insurance cover, said Mohammad-Ali Khatibi, Director of National Iranian Oil Company for International Affairs.

Different factors such as fundamental supply and demand issues, geopolitical issues and psychological concerns have hit the international crude oil market.

Iran is one of the main oil suppliers for India and the recent sanctions imposed by the US and Europe have severely hit the shipments.