Reuters: US Dollar Report: Obama says higher output, economic conditions led to Iran oil decision

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Obama says higher output, economic conditions led to Iran oil decision Mar 30th 2012, 17:55 WASHINGTON, March 30 | Fri Mar 30, 2012 1:55pm EDT WASHINGTON, March 30 (Reuters) - U.S. President Barack Obama said on Friday that increased production by some oil producing nations as well as economic conditions and the fact that there were strategic oil reserves prompted him to make his decision on Iranian oil. In a memorandum to the secretaries of State, Treasury and Energy, Obama said he would continue to closely monitor the supply situation to ensure the market could accommodate a drop in volume of petroleum purchases from Iran.

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