Russia's Novak says oil storage pressures prices but output pact will help

MOSCOW (Reuters) - Russian Energy Minister Alexander Novak said on Tuesday oil markets would start balancing out once an output deal takes effect in May but no significant price rise is likely in the near future due to high levels of oil in storage globally.The Organization of the Petroleum Exporting Countries and other large oil producers, including Russia, have agreed to cut output by almost 10 million barrels per day (bpd), or 10% of global oil production, in May-June.Additional cuts are..