UPDATE: Spox: Rosneft to back OPEC production cut plans

(Rewrites story throughout)

MOSCOW, Oct 11 (PRIME) -- Oil major Rosneft will join OPEC in its efforts to cut production if such decision is taken and ensure that the Russian policy is fulfilled, spokesman Mikhail Leontyev told PRIME on Tuesday.

“Of course, the company will comply with it, if the decision is made, will fully ensure compliance with state policies, will do everything it will take to fulfill the decision,” Leontyev said.

CEO of the company Igor Sechin told Reuters that Rosneft will not cut or freeze production despite comments by President Vladimir Putin that Russia will join a possible OPEC agreement to limit the oil output.

Spokesman for Putin Dmitry Peskov said that the Kremlin does not see Sechin’s words as contradicting Putin’s position.

“No, you know, in fact, Sechin’s words were given out of context in this case. This is firstly. Since his answer was much longer and more detailed. We see no contradiction here,” Peskov said, adding that Russia’s official position means readiness to cap production.

Leontyev said that oil market regulation is pointless. “This is a very sensitive market, its misbalance costs a lot for the global economy. And not only a price reduction hurts it, but an abrupt increase in the medium term and even more in the long term destabilizes the market and the global economy,” Leontyev said.

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