OPEC+ not discussing new voluntary oil production cuts amid global supply deficit, says Russian Deputy PM Novak

VLADIVOSTOK, September 2. /TASS/. OPEC+ does not plan to discuss new voluntary oil production cuts now as the global oil market is in deficit, Russian Deputy Prime Minister Alexander Novak told reporters on the sidelines of the Eastern Economic Forum (EEF).

"I don’t think we are talking about cuts in the current market situation. We see that the market is already facing a supply deficit. In recent months, we made decisions to actually increase production volumes and quotas that had been reduced under voluntary restrictions, so now, conversely, we have eased those quotas," he said when asked whether a return to production cuts might be discussed.

Seven OPEC+ nations will discuss the situation on the global oil market and execution of the agreement at a meeting on Sunday, September 6, Novak added.

The Eastern Economic Forum is taking place on September 1-4 in Vladivostok on the campus of the Far Eastern Federal University. The main theme of this year’s EEF is "The Far East: Development for the Benefit of People." The event is organized by the Roscongress Foundation with the support of the Russian government. TASS is its general information partner.