• 5 minutes Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 11 minutes IEA Sees Global Oil Supply Tightening More Quickly In 2019
  • 14 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 2 hours Alberta govt to construct another WCS processing refinery
  • 2 hours U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 59 mins What Can Bring Oil Down to $20?
  • 1 min Let's Just Block the Sun, Shall We?
  • 3 hours OPEC Cuts Deep to Save Cartel
  • 7 hours Regular Gas dropped to $2.21 per gallon today
  • 9 hours Venezuela continues to sink in misery
  • 7 hours $867 billion farm bill passed
  • 1 day Sane Take on the Russia-Ukraine Case
  • 2 days Waste-to-Energy Chugging Along
  • 1 day Sleeping Hydrocarbon Giant
  • 11 hours Contradictory: Euro Zone Takes Step To Deeper Integration, Key Issues Unresolved
  • 5 hours Global Economy-Bad Days Are coming
  • 11 hours WTO So Set Up Panels To Rule On U.S. Tariff Disputes
Canadian Crude Price Spike Won’t Last

Canadian Crude Price Spike Won’t Last

The price spike in Canadian…

Natural Gas Plunges As Oil Prices Consolidate

Natural Gas Plunges As Oil Prices Consolidate

Consolidating oil prices and low…

Iran Avoids Sanctions by Using State-Owned Tanker to Export Oil

The sanctions against Iran, which prevent any institution from trading with the country, mean that maritime insurers in London are unable to cover any tanker that is working with Iranian crude. This means that tankers transporting Iranian oil have been refused insurance, which has drastically affected Iran’s ability to export its product.

To get over this, large buyers such as India and Japan have been able to offer state-backed insurance to ships, however this is not a viable option to all importers of oil from Iran.

To help, Iran has started using its own supertankers to deliver to its customers. According to data acquired by Bloomberg, the very large crude carrier, The Brawny, left the Iranian port of Kharg Island yesterday on its way to South Korea. The tanker will carry around two million barrels of oil to a 395,000 barrel a day refinery operated by Hyundai Oilbank Co. in Daesan.

SK Innovation Co. also took delivery of a shipment from Iran just a few days ago.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News