• 25 mins U.S. Tax Bill Keeps EV Incentives
  • 2 hours Rivals Close In On Tesla After A Near-Miss With The SEC
  • 3 hours This Country Produces 39% Of The World’s Uranium
  • 4 hours Australia Can Achieve A Zero-Carbon Gas Grid By 2050
  • 6 hours Is A Russia-Cuba Energy Deal In The Works?
  • 3 days Iraq Begins To Rebuild Largest Refinery
  • 3 days Canadian Producers Struggle To Find Transport Oil Cargo
  • 3 days Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 3 days China's CNPC Considers Taking Over South Pars Gas Field
  • 3 days BP To Invest $200 Million In Solar
  • 3 days Tesla Opens New Showroom In NYC
  • 3 days Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 3 days Venezuela Sells Oil Refinery Stake To Cuba
  • 4 days Tesla Is “Headed For A Brick Wall”
  • 4 days Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 4 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 4 days Goldman Bullish On Oil Markets
  • 4 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 4 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 4 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 4 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 5 days Colombia Boosts Oil & Gas Investment
  • 5 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 5 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 5 days Aramco On The Hunt For IPO Global Coordinators
  • 5 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 5 days India Feels the Pinch As Oil Prices Rise
  • 5 days Aramco Announces $40 Billion Investment Program
  • 5 days Top Insurer Axa To Exit Oil Sands
  • 6 days API Reports Huge Crude Draw
  • 6 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 6 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 6 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 6 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 6 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 6 days Exxon To Start Reporting On Climate Change Effect
  • 7 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 7 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 7 days Forties Pipeline Could Remain Shuttered For Weeks
  • 7 days Desjardins Ends Energy Loan Moratorium

Breaking News:

U.S. Tax Bill Keeps EV Incentives

Brent Soars As Canadian Crude Crashes

Brent Soars As Canadian Crude Crashes

The Forties Pipeline outage has…

Exxon To Disclose The Real Risk Of Climate Change

Exxon To Disclose The Real Risk Of Climate Change

ExxonMobil has finally given in…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Japan will Provide Insurance to Iranian Tankers when EU Sanctions Take Effect

Japan will Provide Insurance to Iranian Tankers when EU Sanctions Take Effect

Part of EU sanctions intended to restrict Iranian oil import revenues in an attempt to exert economic pressure on the country over its controversial nuclear development program will see Iranian tankers lose their insurance, most of which are insured by London based brokers.

Those countries still willing to import Iranian crude must find new methods of insuring the tankers before they can leave terminals in the Persian Gulf.

Japanese parliament is about to pass a bill which will allow the government to provide insurance cover up to a value of $7.6 billion for each tanker carrying Iranian crude bound for Japan. The bill will make Japan the first sovereign to provide cover once the EU sanctions take effect in July.

The secretary generals of the Liberal Democratic Party, the biggest opposition in the Japanese parliament, have backed the bill, which offer hope that it will be fully passed once the current parliamentary session ends on June the 21st. The government wants to enact the bill this month so that it can be put into effect before the EU sanctions on July the 1st.

Iranian oil accounted for nearly 9 percent of Japan's crude imports last year, and whilst Japan has significantly reduced its purchases from Iran in order to earn exemption from the US sanctions, it is still reliant on all of its imports due to its overall increased demand for oil after last year’s Fukushima disaster.

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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