Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, September 30, 1993                   TAG: 9309300095
SECTION: BUSINESS                    PAGE: B8   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

IN BUSINESS

GENEVA - OPEC agreed Wednesday to to hold oil production steady for the next six months as North America and Europe stock up for the winter heating season.

The strategy of the Organization of Petroleum Exporting Countries is to make oil more expensive by tightening supply. A worldwide benchmark price for crude rose 71 cents to end the day at $18.67 per barrel in New York Wednesday. Oil prices in recent weeks had sagged to three-year lows.

Although the 12 member countries had agreed earlier to increase the total quota to 24.5 million barrels per day to reflect current production levels, assigning individual country limits proved to be a more difficult task.

Saudi Arabia, the world's largest oil producer, agreed to freeze its production to 8 million barrels a day for six months. The kingdom pumps about one-third of the cartel's oil.

Kuwait also bowed to pressure from the others and agreed to accept an output limit of 2 million barrels a day, 400,000 barrels above its previous limit. A barrel of oil is equal to 42 gallons. - Associated Press \

Heilig-Meyers hopes to buy Calif. chain

RICHMOND - Home furnishings retailer Heilig-Meyers Co. said Wednesday it is negotiating to acquire McMahan's Furniture Co., a 92-store chain based in Carlsbad, Calif. The deal would make Heilig-Meyers the nation's third-largest furniture retailer based on sales, up from No. 5 last year.

McMahan's is a mid-priced, credit-oriented chain with stores in small towns in California, Arizona, New Mexico, Texas, Nevada and Colorado. In 1992, the privately owned company posted revenue of $100.3 million. - Associated Press

\ MCI to eliminate the job at the top

WASHINGTON - MCI Communications Corp. said Wednesday it will eliminate the position of president and chief operating officer as it restructures its U.S. and international operations.

The nation's second-largest long-distance company said the action will aid its move toward more autonomous units.

Former President and Chief Operating Officer Daniel Akerson left MCI recently to become chairman of General Instruments.

Gerald Taylor, most recently president of MCI Consumer Markets, will head MCI Communications Services, the new unit responsible for domestic operations and long-distance business.

Eugene Eidenberg will lead a new MCI International Group that will oversee the pursuit of international opportunities, management of international alliances and sales to multinational companies. Eidenberg was previously executive vice president for corporate strategy and global business initiatives. - Associated Press