Iranian Oil Exports Drop As Foreign Shipping Companies Avoid Country

The Sanctions imposed upon Iran by the US and EU in response to Iran’s nuclear program, have not been as effective as was hoped. However, that is starting to change. Oil exports from OPEC’s second largest producer are expected to fall due to the inadequate size of the Iranian tanker fleet. The EU sanctions are causing shipping companies to avoid Iran. A month ago Frontline Ltd., Overseas Shipholding Group Inc. (OSG), and owners of at least 100 super tankers said they would no longer call at Iran because of an insurance ban announced…

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