OPEC was reportedly successful in cutting output.
Industry journals said the oil cartel had so far kept within the overall production target that it agreed on last month. The Middle East Economic Survey, published in Cyprus, said total exports by members of the Organization of Petroleum Exporting Countries ran at about 14.3 million to 14.4 million barrels daily in the first half of September. The agreement reached in Geneva last month targeted output of 14.8 million barrels a day for 12 of the 13 members while the 13th, Iraq, was left free to produce any amount. The restrictions are an effort to cause an increase in prices.
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