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The White House
Office of the Press Secretary
For Immediate Release

Presidential Determination -- National Defense Authorization Act for Fiscal Year 2012

November 21, 2014

Presidential Determination
No. 2015-02

                                    THE SECRETARY OF THE TREASURY
                                    THE SECRETARY OF ENERGY

SUBJECT: Presidential Determination Pursuant to
                  Section 1245(d)(4)(B) and (C) of the
                  National Defense Authorization Act for
                  Fiscal Year 2012

By the authority vested in me as President by the Constitution and the laws of the United States, after carefully considering the report submitted to the Congress by the Energy Information Administration on October 30, 2014, and other relevant factors, including global economic conditions, increased oil production by certain countries, and the level of spare capacity, I determine, pursuant to section 1245(d)(4)(B) and (C) of theNational Defense Authorization Act for Fiscal Year 2012, Public Law 112-81, and consistent with my 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.

I will continue to monitor this situation closely.

The Secretary of State is hereby authorized and directed to publish this memorandum in the Federal Register.