The oil market is balanced at present, Lukoil Vice President Leonid Fedun said, APA reports citing Interfax.
"Demand is recovering on the market; the market is straightening out. Today though, 13 million barrels have been taken out of production, and they will remain an overhang for the market," Fedun told reporters.
"Supply and demand on the oil market is absolutely balanced," he said. "There is no deficit; we need to take it easy coming out, there isn't going to be a deficit, the way I see it, never again now," Fedun said.