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World oil production grows as OPEC, U.S. pump more-U.S. EIA

Source: Thomson Reuters Foundation - Thu, 25 Oct 2012 09:10 PM
Author: Reuters
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WASHINGTON, Oct 25 (Reuters) - The world produced more oil in October as Libya, Iraq and Saudi Arabia pumped more crude and the United States continued to draw more oil from its vast shale reserves, the U.S. Energy Information Administration said in a bimonthly report.

The report is required by the Iran sanctions law President Barack Obama signed last year. Reuters obtained a copy ahead of publication.

The United States and European Union have applied new sanctions to Iran aimed at slashing oil revenue and pressuring it to stop efforts to enrich uranium to levels that could be used in weapons. Tehran has said its nuclear program is strictly for civilian purposes.

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