EXTRACTS FROM OPEC COMMUNIQUE
  Following are extracts from the
  communique issued at the conclusion of the OPEC conference
  here.
      "The conference expressed satisfaction about the positive
  results of the agreement signed in December, 1986, by which
  OPEC re-established the system of fixed price at a level of 18
  dlrs per barrel supported by OPEC production ceilings
  distributed into national production levels.
      "The conference noted that all market indicators, including
  spot prices in the market and netback values of all OPEC
  crudes, have been firming up significantly, thus consolidating
  the OPEC price structure as defined by the agreement."
      "The conference examined the supply/demand outlook for the
  second half of the year and decided that in order to secure
  continued firm prices in the market, OPEC production during the
  fourth quarter of 1987 will be equal to that of the third
  quarter, I.E. 16.6 mln barrels per day (bpd), distributed into
  the same national production levels as were defined by the
  above-mentioned agreement for that quarter."
      "Furthermore, the conference decided to establish a
  committee of five heads of delegation to monitor the price
  evolution in the market in relation to the OPEC official prices
  in order to secure price stability around the opec price
  structure.
      "Should there be any significant change in market prices,
  the committee would immediately call for an extraordinary
  meeting of the conference with a view to deciding on the
  necessary OPEC production levels during the second half of the
  year, which would secure the desired market stability."
      "The conference reiterated the necessity of member
  countries' strict adherence to the agreement signed in December
  1986, both in terms of official price, and national production,
  levels.
      "For this purpose, the conference decided to establish a
  committee of three heads of delegation to undertake visits to
  member countries in order to motivate them to comply with the
  terms of the agreement."
  
      "Moreover, the conference stressed the necessity of the
  cooperation of the oil-producing exporting countries outside
  OPEC as an essential prerequisite for a lasting market
  stability.
      The conference, therefore, decided to reinstate the group
  of five heads of delegation established by the 77th
  (extraordinary) meeting of the conference in April, 1986 to
  undertake the necessary contacts with those countries.
      "The conference observed the continued fall in the value of
  the U.S. Dollar and agreed that the matter should be studied
  and reported to the next meeting of the conference."
  
      "The conference discussed the appointment of the secretary
  general and decided to discuss the matter again in its next
  ordinary meeting.
      "The conference extended the term of office of Fadhil
  al-Chalabi as deputy secretary general for a period of one year
  from October 7, 1987.
      "The next ordinary meeting of the conference will be
  convened in Vienna on December 9, 1987."
  

