Authorizes the President to export oil to, or secure oil for, any country pursuant to a bilateral international oil supply agreement entered into by the United States with such country before June 25, 1979, or to any country pursuant to the International Emergency Oil Sharing Plan of the International Energy Agency.
Declares that the following agreements shall be deemed to have entered into force by operation of law and shall be deemed to have no termination date: (1) the agreement entitled "Agreement amending and extending the memorandum of agreement of June 22, 1979", entered into force November 13, 1994 (TIAS 12580); and (2) the agreement entitled "Agreement amending the contingency implementing arrangements of October 17, 1980", entered into force June 27, 1995 (TIAS 12670).