In April 2004, the United States removed Libya from the ILSA sanctions, following fulfillment of that countrys commitments to rid itself of weapons of mass destruction and to renounce terrorism. On September 20, 2004, the President signed an executive order terminating the national emergency (declared in Executive Order 12543 of January 7, 1986), with respect to the policies and actions of the Government of Libya, revoking Executive Order 12544 of January 8, 1986 and Executive Order 12801 of April 15, 1992, all of which imposed sanctions against Libya in response to the national emergency. The new September 2004 executive order also revokes Executive Order 12538 of November 15, 1985, which prohibited the importation into the United States of Petroleum products refined in Libya. This lifting of sanctions has opened the door to a potential return of U.S. Oil companies to Libya for the first time in nearly 20 years.
Besides Iran, the United States maintains sanctions on two other oil producing nations - Sudan and Syria.