President Donald Trump determined that countries other than Iran can provide enough petroleum and petroleum products to permit a significant reduction in the volume bought from Iran by or through foreign financial institutions.
The finding is Presidential Determination No. 2027-02, which Trump signed on Oct. 28, 2026. The Federal Register published it on Friday. The memorandum is addressed to the secretaries who head State, Treasury and Energy.
Trump wrote that he made the determination under a supply provision of the National Defense Authorization Act for Fiscal Year 2012, Public Law 112-81. The determination identifies that authority as section 1245(d)(4)(B) and (C). It says the finding is consistent with prior determinations.
Trump said he acted after carefully considering reports the Energy Information Administration submitted to Congress, including the report submitted in October 2026. He also cited further considerations, among them conditions in the world economy and whether strategic reserves were on hand, the determination says.
The determination does not name the other countries or say how large a reduction the supply would permit. It does not identify particular foreign financial institutions or set a date for any reduction.
Trump wrote, “I will continue to monitor this situation closely.”
He authorized and directed the secretary of state to publish the determination in the Federal Register.