Iranian proposal to reduce OPEC's output and raise prices, as the 12 other cartel members studied the plan.
The Organization of Petroleum Exporting Countries failed Thursday to reach unanimous agreement on voluntary production cuts to halt the oil price slide and, instead, began another attempt to break its long deadlock and set revised production quotas for its 13 member states.
Polish liquor production will be slashed under new measures to combat alcohol abuse.
Kuwait stood alone Wednesday in publicly rejecting an OPEC proposal, backed by a majority of the members, to extend a limit on the cartel's oil production to the end of the year.
The state petroleum monopoly, Pemex, announced Wednesday it will drill 1,000 new wells as part of a long-term program to boost Mexico's crude oil production by 1.6 million barrels a day, or 58 percent, to meet increased domestic consumption.
Retail sales slipped slightly in December, but the nation's factories were humming to a sharply faster beat and analysts said today's two government reports together spell more relief for the economy.
A House Armed Services subcommittee agreed in a closed session Wednesday to permit President Reagan to produce 21 MX missiles in fiscal 1986, fewer than half of the 48 that Reagan is seeking, sources said.
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OPEC oil production remained at a 20-year low in June and may have dropped even more in recent days as buyers wait to see if the Organization of Petroleum Exporting Countries cuts prices at its ministerial meeting Friday, according to a published report Tuesday.
"We didn't set out to make a profit, and we have succeeded gloriously," joked Norman Tanis, founder of Cal State Northridge's Santa Susana Press.
Paving the way for a new surge of economic growth, America's factories expanded their output of
Iranian Prime Minister Hussein Moussavi announced that Iran will cut its oil production by 50% "until further notice," the official Iranian news agency reported.
Production at the nation's factories, mines and utilities rose a sharp 0.7% in December, the biggest gain in four months, the government reported today.
OPEC today announced an agreement to reduce oil production by almost 4 million barrels a day in September and October to solve the oil glut and raise prices.
Britain will not reduce North Sea oil production to boost prices despite a near-halving of oil-tax revenues, the Conservative government said today in presenting the annual budget to Parliament.
Industrial production rose by 0.5% in May, the biggest increase in three months, while housing construction declined by a smaller-than-expected 2.7%, the government reported today.
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