Iran is feeling the squeeze on its oil exports ahead of the full implementation of EU sanctions as shipping companies are unable to insure tankers lifting crude out of the Islamic republic.
Exports to the EU have already been reduced to a trickle and overall exports have fallen as the state-owned Iranian shipping company struggles to replace the foreign tanker fleet.
When EU sanctions become fully binding on July 1, the National Iranian Tanker Company (NITC) will be the only remaining shipper to deliver crude out of Iran, limiting exports to its remaining buyers.
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