President Trump said Wednesday that there is enough oil to support the global energy market without Iran, giving the green light to re-impose energy sanctions on the Islamic Republic next week.

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," Trump said in a formal declaration.

Trump said he came to the conclusion "after carefully considering" the reports submitted to Congress by the Energy Information Administration, the analysis arm of the Energy Department, which has been tracking the supply issues that could arise from sanctions.

The sanctions go into effect on Monday at midnight.

“The key to the strategy in the administration view is to reduce Iran’s exports to the maximum extent possible,” said Kenneth Katzman, the Congressional Research Service's foremost Iran expert, speaking at a Mideast policymakers summit in Washington on Wednesday.

Katzman's most recent analysis from September says the effect of sanctions on the market will be modest, which would back up Trump's assessment.

Katzman added that October’s oil export figures will be out on Nov. 1, and he will be sifting through the data to see if there have been any significant changes to the market.