Rosneft downplays chances of oil production cut

• Rosneft (OTCPK:RNFTF) downplays the prospects of a coordinated production cut with OPEC and describes the yesterday's rally in oil prices on speculation of such a move as “idiotic," Financial Times reports.
• Igor Sechin, Rosneft’s top executive, has long argued that the structure of Russia’s oil sector and its harsh winters would make it difficult to implement a government-mandated output cut.
• Crude oil prices surged as much as 8% yesterday after Energy Minister Novak said Russia was ready to take part in a meeting with OPEC members next month.
• "We would judge these type of statements [yesterday] to be nothing more than verbal attempts to prevent the market from aggressively testing the downside during this crucial phase when returning Iranian oil and lower seasonal crude runs at a time of already high stock levels,” says analysts at JBC Energy.
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