CAIRO, Dec 28: Following is the full text of Opec’s communique issued after its Saturday conference in Cairo.

A consultative meeting of the conference of the Organization of the Petroleum Exporting Countries (Opec) convened in Cairo, Egypt, on 28th December 2001, under the chairmanship of its president, HE Dr Chakib Khelil, minister of energy and mines of Algeria and head of its delegation.

Having reviewed the recent positive announcements from non-Opec oil producers, namely Angola, Mexico, Norway, Oman and the Russian federation, regarding their pledged reductions, totalling 462,500 b/d, and the current oil market situation, the Opec conference confirmed its decision to implement the previously announced reduction of its overall production level by an additional 1.5 mb/d, for six months, effective 1st January 2002.

The conference emphasized the importance of adherence on the part of all producers to their pledged reductions and the need for their continued co-operation to achieve lasting market stability at fair and equitable price levels that are good for the welfare of producers and consumers alike.

To this end, the conference will continue to monitor both global economic developments and the supply/demand situation, in close consultation with other producers, in the coming months to ensure that the desired results are, indeed, realized.

Further, the conference rescheduled its next ordinary meeting to convene in Vienna, Austria, on Saturday, 15th March 2002.

The conference expressed its appreciation to the government of the Arab Republic of Egypt; to HE Amin Sameh Fahmy, minister of petroleum of Egypt, and his staff; and to the authorities of the city of Cairo for their warm hospitality and the excellent arrangements made for the meeting.

Finally, the conference voiced its thanks to the OAPEC secretariat, its secretary general, HE Abdul Aziz al-Turki, and its staff, for their invaluable assistance and co-operation.—Reuters