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...
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