An Iranian man works on an oil production platform at the Soroush oil fields in the Persian Gulf, south of the capital Tehran, July 25, 2005. REUTERS
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Global shipping insurers have devised a way to ensure nearly full coverage for Iranian oil exports from next month after striking a deal to provide cover without involving U.S.-domiciled reinsurers, officials in Tokyo and London said.Some prior U.S. sanctions remain in place, which had meant U.S. reinsurers could not participate in covering Iranian cargoes.To plug the shortfall by U.S. insurers, the group of the world's top 13 ship insurers created so-called "fall-back" insurance last year, under which tankers carrying Iranian oil were insured up to around $830 million per ship.However, it still allowed Iran to more than double crude exports from as low as about 1 million barrels per day at the height of the sanctions. Iran's exports were as high as 3 million bpd before the sanctions.
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