OPEC WITHIN OUTPUT CEILING, SUBROTO SAYS

  Opec remains within its agreed output
  ceiling of 15.8 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 U.S. 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 Opec's output level was now, he replied:
  "Below 15.8 (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
  cartel's 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.
  

