Hindustan Petroleum has cancelled a crude oil shipment from Iran after its insurer refused to provide coverage for the cargo on concern about U.S. sanctions, Reuters reports , citing three unnamed sources familiar with the matter. Hindustan Petroleum, India’s third-largest state-owned refiner, ordered the 1-million-barrel shipment earlier this month, and after the refusal of its insurance company to cover a cargo loaded on an Iranian tanker, it tried to sell it on but could not find buyers, the sources said. The Indian refiner imports about 20,000 bpd of Iranian crude, which is a relatively small part of its daily consumption, which amounts to 316,000 bpd, but other Indian refiners could run into the same problem, Reuters notes. Hindustan Petroleum had just renewed its installation insurance when the insurance company refused to cover the cargo and bigger refiners might have to cancel Iranian cargoes, too, if their insurance policies happen […]