Russia Honors Commitment to Reduction of Oil Output Under OPEC Deal - Minister

Russia is respecting its commitments on reduction of oil output in line with OPEC agreements cutting production in the first 10 days of January by the amount exceeding previously set by Russian largest oil producers, Energy Minister Alexander Novak said Thursday.

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.