Amadeusz Juskowiak

Opec within output ceiling subroto says

Opec remains within its agreed output ceiling of 158 mln barrels a day and had expected current fluctuations in the spot market of one or two dlrs Indonesian Energy Minister Subroto said

He told reporters after meeting with President Suharto that present weakness in the spot oil market was the result of warmer weather in the US And Europe which reduced demand for oil

Prices had also been forced down because refineries were using up old stock he said

He denied that Opec was exceeding its agreed production ceiling Asked what Opecs output level was now he replied Below 158 mln barrels per day He did not elaborate

He said there appeared to have been some attempts to manipulate the market but if all Opec members stick by the cartels December pricing agreement it would get through present price difficulties

He predicted that prices would recover again in the third and fourth quarters of 1987

He also reiterated that there was no need for an emergency Opec meeting

He said Opec had expected to see some fluctuations in the spot price We hope the weak price will be overcome and predict the price will be better in the third and fourth quarters

Refiners he said appeared to have used up old stock deliberately to cause slack demand in the market and the price to fall But Opec would get through this period if members stuck together

REUTER