ABU DHABI, November 5. /TASS/. The oil market will be oversupplied if the United States lifts sanctions imposed on Russian energy majors, Gunvor CEO Torbjorn Tornqvist said at the ADIPEC conference.

"US sanctions on Russian oil companies came out of the blue," the chief executive said.

"Our view there is a gap building between production and consumption. If all sanctions would disappear, this market would clearly be oversupplied," he noted.