MOSCOW (Sputnik) — Russia began limiting oil production on January 1 as part of agreements with OPEC reached last year, which stipulate Moscow's commitment to cut the oil output by 300,000 barrels a day for at least six months.
"Russia is fulfilling its obligations. I can say, in general, that we reduced [the oil output] in the first 10 days [of January] by a larger amount than had been planned by our oil companies," Novak told reporters.
