OIL PRICES: IDIOTIC FRENZY
Russia's largest oil producer on Friday played down prospects of a co-ordinated output cut with Opec and described the sharp rally in oil prices on speculation of such a move as "idiotic".
Mikhail Leontyev, spokesman for state-controlled Rosneft, told the Financial Times that "nothing new has happened" to suggest a co-ordinated production cut was more likely.
"Consultations with Opec happen all the time. All positions are well known; they have not changed in any way," he said.
Oil prices surged as much as 8 per cent on Thursday after Alexander…
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