President Obama has determined there is enough oil worldwide to allow countries to rely less on oil produced in Iran, the White House said Friday.
"There currently appears to be sufficient supply of non-Iranian oil to permit foreign countries to significantly reduce their import of Iranian oil, taking into account current estimates of demand, increased production by countries other than Iran, inventories of crude oil and petroleum products, and available strategic petroleum reserves," a statement released by the White House said.
"In this context, it is notable that many purchasers of Iranian crude oil have reduced their purchases or announced they are in productive discussions with alternative suppliers," the statement said.
The analysis indicates that while there have been disruptions that have interrupted oil availability and concern remains Iran's nuclear activity may have increased demand for non-Iran-produced oil, "production increases in other countries and weaker demand growth overall have mitigated oil market tightness to a degree."
Obama made the determination as required by the National Defense Authorization Act for Fiscal Year 2012 concerning the supply of petroleum and petroleum products from countries other than Iran.