Iran oil exports down to about 255,000 bpd as the White House renews its Section 1245 finding

The White House, in a determination published Friday in the Federal Register, again found that the world can do without Iranian crude. Presidential Determination No. 2027-02, signed October 28 and published November 13 at 91 FR 73425, restates the finding required by Section 1245(d)(4)(B) and (C) of the National Defense Authorization Act for Fiscal Year 2012: 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.

The document is short and reads identically to its predecessors, but it is the legal hin…