OPEC OUTPUT CUTBACK ACCORD TAKES EFFECT

Amid a general atmosphere of market confidence, the two-month OPEC interim accord for limiting production to quota levels came into effect on 1 September.

Under the agreement 12 of the 13 OPEC member countries - the exception being Iraq which was left free to produce as it wishes - committed themselves to cut back production in September and October to the quota levels previously in force, this entailing a ceiling of 14.8mn b/d for the 12 countries...