Oil market currently balanced out by accumulated reserves, continuation of conflict will exacerbate deficit - Novak

MOSCOW. June 4 (Interfax) - The oil market is already facing a deficit, with around 12 million barrels per day (bpd) not being supplied each day, but has not yet fully felt the effects of the conflict in the Middle East due to the reserves it has accumulated previously, Russian Deputy Prime Minister Alexander Novak said.

"It [the deficit] is already there, since around 12 million bpd are not being supplied each day. But thanks to the reserves and thanks to the fact that there was a surplus before, the market has not yet fully felt the consequences which could arise," he said.

"If the conflict is drawn out and output by countries in the Persian Gulf does not increase, then, of course, there will be a deficit within several months," Novak said.