Taking snapshot in nova with image-create fails due to cinder snapshot quota limit exceeded in Red Hat OpenStack Platform 10

Issue

Taking snapshot in nova with image-create fails due to cinder snapshot quota limit exceeded in Red Hat OpenStack Platform 10 - it is impossible to take snapshots of volume backed instances.

The following error message shows:

nova image-create --poll instance snapshot

ERROR (ClientException): Unexpected API Error. Please report this at http://bugs.launchpad.net/nova/ and attach the Nova API log if possible.
<class 'nova.exception.OverQuota'> (HTTP 500) (Request-ID: req-<UUID>

When grepping for req-<UUID> in /var/log/nova/nova-api.log, the following messages indicate that cinder's quota limit was exceeded:

 OverQuota: Quota exceeded for resources: snapshots

RESP BODY: {"overLimit": {"message": "VolumeSizeExceedsAvailableQuota: Requested volume or snapshot exceeds allowed gigabytes quota. Requested 10G, quota is 1000G and 1000G has been consumed.", "code": 413, "retryAfter": "0"}}