Obama: Higher oil output led to increased Iran sanctions

WASHINGTON - US President Barack Obama said on Friday that increased production by some oil producing nations as well as economic conditions and the fact that there were strategic oil reserves prompted him to make his decision on Iranian oil.
In a memorandum to the secretaries of State, Treasury and Energy, Obama said he would continue to closely monitor the supply situation to ensure the market could accommodate a drop in volume of petroleum purchases from Iran.
Read the full story here