ABU DHABI, Nov 5 (Reuters) -

Western sanctions on Russia and Iran are creating record

volumes of oil kept in floating storage, preventing a supply

glut from forming in global markets, Gunvor Group's CEO said on

Wednesday.

The European Union, United Kingdom and the United States

have imposed a raft of sanctions against Russia over its war in

Ukraine, with the latest U.S. embargo targeting Russia's two top

oil producers Rosneft and Lukoil last month.

"Through the sanctions that we've had around the world, an

enormous amount of oil is stuck and dislocated," Torbjorn

Tornqvist, CEO of Swiss-based commodities trader Gunvor Group

, told the ADIPEC energy conference in Abu Dhabi.

"This is unprecedented, the size of that. Therefore,

obviously, if all sanctions would disappear, this market would

clearly be quite oversupplied," he added.