By PNA / Bernama and U.S. News Agency / Asian

Faced with problems of customers unable to import oil due to lack of adequate insurance for ships, the National Iranian Oil Company has offered India and other countries the use of fully insured Iranian vessels.

Mohammad-Ali Khatibi, the company’s international affairs director, said that countries purchasing Iranian oil can now ship supplies via Iranian oil tankers that have full insurance cover.

He said factors such as fundamental supply and demand issues and geopolitical concerns, among other things, have had an impact on global market of crude oil, Press Trust of India reported.

“Of these, the geopolitical factor has had the most impact on the market particularly in recent days,” he said.

Iran is one of India’s main oil suppliers and recent sanctions imposed by the U.S. and Europe have severely affected crude shipments.

Even though India does not recognize the sanctions, they have affected shipments to the country as ships transporting oil from Iran were previously insured by insurance companies from Europe.

All the international insurance companies have stopped insuring oil tankers from Iran.