Biden says supplies of petroleum sufficient to reduce amount purchased from Iran

U.S. President Joe Biden said in a memo to the State Department on Friday that there were sufficient supplies of petroleum to allow a “significant reduction” in the amount purchased from Iran.

Biden said the decision was made based on reports submitted to Congress by the Energy Information Administration as well as other relevant factors such as global economic conditions, spare capacity, and strategic reserves.

“Consistent with prior determinations, 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,” Biden said in the memo.