For oil traders returning to trading pits on Wednesday, the new year begins with something that hasn’t preoccupied them in years: OPEC production cuts. After years of maintaining an open-taps policy, the Organization of the Petroleum Exporting Countries has started restraining production to keep oil prices high in the face of a faltering global economy and an unseasonably warm winter in the Northern Hemisphere. With a military confrontation with Iran and other geopolitical concerns receding to the back burner, analysts say the extent to which OPEC complies with its output restraint will go a long way in determining whether oil prices stay above $60 a barrel this year after ending last year flat for the first time in five years. More