Rosneft cuts output citing market conditions

Moscow - Russia's oil giant Rosneft said Tuesday it had cut its daily output by 25 000 barrels because of "market conditions" that have seen the price of crude shrink by nearly a third since June.

Company chief Igor Sechin said in a statement released after he held talks in Vienna with energy delegations from Mexico and Opec member states Venezuela and Saudi Arabia that the cut was "associated with production efficiency boosting and enhancement of efficiency for company shareholders, and also with marketing conditions."