Iran is expecting to see a decline in its crude oil exports to South Korea as a result of U.S. sanctions on tanker transport, the managing director of the National Iranian Oil Company, Ali Kardor, said as quoted by S&P Platts. Kardor said that while India and China have “booked the sales” and there is no problem for future deliveries, South Korea seems to be having “some issues now because they didn’t have their own shipping and were outsourcing, like charter, so maybe that is why the issue. But we told them that our ships are ready for you.” Tanker insurance may turn out to be the biggest hurdle to Iran’s crude oil exports following the expiry of the 180-day wind-down period before sanctions kick in. They will likely prevent the members of the International Group of P&I from insuring tankers carrying Iranian crude against risks if they call […]