OPEC+ is not currently planning to discuss new voluntary cuts in oil production as the global market is facing a supply deficit, Russian Deputy Prime Minister Alexander Novak told reporters on the sidelines of the Eastern Economic Forum (EEF).

Novak said the current market situation does not warrant discussions about new cuts, The Caspian Post reports, citing TASS.

He noted that OPEC+ members had recently decided to increase production volumes and restore quotas that had previously been reduced under voluntary restrictions.

“Now, conversely, we have eased those quotas,” Novak said.

He added that representatives of seven OPEC+ countries will meet on Sunday, September 6, to discuss developments in the global oil market and the implementation of the existing agreement.

The Eastern Economic Forum is being held from September 1 to 4 in Vladivostok at the Far Eastern Federal University campus. This year’s forum is themed “The Far East: Development for the Benefit of People.”