TEHRAN, May 17. /TASS/. The world oil market is currently balanced, Russian Deputy Prime Minister Alexander Novak said on Wednesday.

"The [oil] market is currently in balance," he told reporters.

At the end of April, Novak said that the Chinese economy's current growth rate was in line with OPEC+ estimates, which were considered when the decision to decrease production was made.

Earlier, the International Energy Agency (IEA) warned of the danger of an oil shortage in its report, citing a voluntary delince in output by a number of OPEC+ members. As a result, recent cuts, according to the agency, will further tighten the oil market's balance and increase prices.