Presidential Determination
No.        2024-01        

MEMORANDUM FOR THE SECRETARY OF STATE
               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 reports submitted to the Congress by the Energy Information Administration, including the report submitted in October 2023, and other relevant factors, including global economic conditions, the level of spare capacity, and the availability of strategic reserves, I determine, 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. 

I will continue to monitor this situation closely.

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

                               JOSEPH R. BIDEN JR.