The following is an edited version of the communique released by the Organization of Petroleum Exporting Countries after its meeting Wednesday:

The 156th Meeting of the Conference of the Organization of the Petroleum Exporting Countries [OPEC] convened in Vienna, Austria, on March 17 2010, under the Chairmanship of its President, Germanico Pinto, minister of non-renewable natural resources of Ecuador and head of its delegation, and its Alternate President, Masoud Mir-Kazemi, minister of petroleum of the Islamic Republic of Iran and head of its delegation.

The Conference reviewed recent oil market developments, in particular supply/demand projections, as well as the outlook for 2010, and noted that, while the global economy is clearly rebounding from the late 2008 and early 2009 recession, with continued positive signals coming from the manufacturing and services sectors, serious threats remain.

Downside risks include: the mounting and potentially unsustainable public debt in the most advanced economies; a degrading fiscal position which might lead OECD governments to tighten fiscal and monetary policy, despite rising unemployment; weak demand; persistent global imbalances; and rising protectionism.

The Conference further noted with concern that, although world oil demand is projected to increase marginally during the year, this rise will be more than offset by the expected increase in non-OPEC supply, meaning that 2010 is likely to witness a decline in the demand for OPEC crude oil for the third consecutive year.

The persistently high OECD stock levels [estimated to currently stand at 59-61 days of forward cover i.e. well above their five-year average] indicate that there has been a contra-seasonal stock build in the first quarter 2010 and the overhang in terms of forward cover is expected to continue throughout the year.

In light of the foregoing, the Conference again decided to maintain the current oil production ceiling unchanged. Member Countries reiterated their commitment to their individually agreed production allocations, thereby complying fully with the decision taken by Oran Conference in December 2008, just as they reaffirmed their readiness to swiftly respond to any developments which might place oil market stability in jeopardy.

Given the uncertainty in the macroeconomic environment and world oil demand, the Secretariat will continue to closely monitor developments in the months ahead, keeping Member Countries abreast of developments as they occur.

The situation will be reviewed at the next Ordinary Meeting of the Conference, which is scheduled to be convened in Vienna , Austria , on Oct. 14 2010 .

The Conference also decided that, among various events scheduled to mark the 50th Anniversary of the foundation of the Organization, an Anniversary Symposium would be held on a date to be coordinated between Iraq and the Secretary General.

The Conference listened to an updated presentation on Ecuador 's Yasuni-ITT initiative and reiterated its expression of support and interest, being of the view that this proposal is consistent with the energy and environment-protection objectives established at the Third Summit of OPEC Heads of State and Government.

The Conference passed Resolutions that will be published on April 17 2010 , after ratification by Member Countries.

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