OPEC caps production with Iraq exemption in pact
In Geneva the OPEC ministerial meeting agreed to limit output to about 14.8 million barrels daily for 12 countries, excluding Iraq which remains at war with Iran. The accord targets a roughly 10 percent cut with non OPEC help urged, aiming to lift prices while preserving the group’s market share strategy.
MENTIONED IN THIS ARTICLE
Geneva
Organization of Petroleum Ministers
Iraq
Iran
OPEC
Sheik Ahmed Zaki Yamani
Yamani
Rilwanu Lukman
Norway
Britain
Lukman
Mexico
Fawzi Shakshaki
Arco Sells 20 Percent of Chemicals Unit to Horsehead
Atlantic Richfield Co. says it will divest about one fifth of its $2 billion annual chemicals division to Horsehead Industries. The deal, with undisclosed terms, is expected to close within 60 days and covers Building Products ChemLink Specialty Chemicals and Advanced Materials. The units posted last year about $400 million in sales.
MENTIONED IN THIS ARTICLE
Los Angeles
Atlantic Richfield Co
Horsehead Industries Inc
Arco
ChemLink