The Seattle Opera is putting off its next mounting of Richard Wagner's four-opera Ring Cycle for at least two more years, company officials have announced.

"Der Ring des Niebelungen," a staple of the company since 1975, won't be revived before 1991, general director Speight Jenkins said recently.Instead, the Seattle Opera will mount a production of Wagner's "Die Meistersinger" next year and Prokofiev's "War and Peace" in 1990, he said.

He also announced the company balanced its 1987-88 budget "with a slight surplus."

Jenkins had planned to revive the Ring Cycle - "Das Rheingold," "Die Walkure," "Siegfried," and "Gotterdammerung" - next summer after a one-year break in annual productions that had made the Opera House a mecca for Wagner devotees from around the world.

The Kennedy Center in Washington, D.C., is in the final stages of negotiation to host the Deutsche Oper Berlin's production of the operas next June. In May, the Metropolitan Opera of New York will present its new Ring.

As a result, Jenkins said, Wagner fans would be drawn east next year.

In 1990 the San Francisco Opera plans to revive its highly successful 1985 production of the operas.

"We will do the `Ring' in 1991, unless a cataclysm strikes me or this company," Jenkins pledged.