Global Oil Production Rises on OPEC Output

30 Oct 2012

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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 reported, quoting a copy it obtained 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 was strictly for civilian purposes.

Oil prices fell sharply last Tuesday as slowing global economic growth, Europe's continuing debt crisis and weak earnings forecasts from U.S. corporations pressured commodities and equities. Brent fell for a sixth straight session and U.S. crude was down for a fourth consecutive day to settle at a three-month low.

Tags: Business, Nigeria, Featured, Global Oil Production, OPEC

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