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On June 12, 2014, the Federal Register published Presidential Determination No. 2014–11 of June 4, 2014 – Presidential Determination Pursuant to Section 1245(d)(4)(B) and (C) of the National Defense Authorization Act for Fiscal Year 2012. after carefully considering the report submitted to the Congress by the Energy Information Administration on April 24, 2014, and other relevant factors, including global economic conditions, increased oil production by certain countries, and the level of spare capacity, the President has determined, pursuant to section 1245(d)(4)(B) and (C) of the National Defense Authorization Act for Fiscal Year 2012, Public Law 112–81, and consistent with prior determinations, that there is a sufficient supply of petroleum and petroleum products from countries other than Iran to permit a significant reduction in the volume of petroleum and petroleum products purchased from Iran by or through foreign financial institutions. |
