Iran has started to offer India cargo insurance and tankers operated by Iranian companies as some Indian insurers have backed out of covering oil cargoes from Iran in the face of the returning U.S. sanctions on Tehran, Reuters reports , quoting industry sources. Iran is looking to continue to sell its oil to India—its second-largest single oil customer after China—even as some Indian refiners are said to be thinking of reducing oil imports from Iran for fear of running afoul with the U.S. sanctions and having their access cut off to the U.S. financial system. United India Insurance has already stopped providing insurance cover for crude oil cargoes out of Iran, a source at the company told Reuters. According to Reuters’ industry sources, Iran has recently insured crude oil cargoes en route to India on tankers operated by the National Iranian Tanker Company (NITC), as western insurers, as well […]