Iran insures 90% of crude oil cargoes

File photo shows an Iranian crude oil carrier sailing in international waters.

Iranian underwriters provide insurance coverage for more than 90 percent of the country™s crude oil exports, director for international affairs at National Iranian Oil Company says.

œCurrently, more than 90 percent of crude oil cargos are insured by Iranian insurance consortiums and our customers have been satisfied with us so far,” Mohsen Qamsari said on Sunday.

He added that Iran has established a domestic insurance consortium to underwrite the country™s oil cargos.

œFortunately, this consortium has managed to insure Iranian oil cargos over the past two years and for the time being we have no problem with insuring our vessels to carry oil to our customers,” said Qamsari.

The official stated that Japan is the only country in the world that insures oil cargos which it imports.

Qamsari also stated that the world refineries are interested in Iran™s crude oil because of its quality.

Iran’s total in-place oil reserves have been estimated at more than 560 billion barrels, with about 140 billion barrels of recoverable oil. Heavy and extra heavy varieties of crude oil account for roughly 70-100 billion barrels of the total reserves.


Copyright: Press TV