Obama Finds Oil Supply Sufficient To Cover Iran Sanctions

Law360, New York (March 30, 2012, 5:56 PM EDT) -- President Barack Obama on Friday continued to ratchet up international pressure on Iran by moving ahead with sanctions against the country, saying there were enough alternative oil supplies to support countries cutting down on their purchases of Iranian oil.

Citing a February report by the U.S. Energy Information Administration, Obama said increased production and the existence of strategic reserves, among other factors, permitted enacting sanctions against foreign financial institutions that do business with Iran’s Central Bank.

“I determine … that there is a sufficient supply of...
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