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.
