IEA chief warns of global oil market entering red zone this summer

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  • IEA chief warns of global oil market entering red zone this summer
  • IEA chief warns of global oil market entering red zone this summer
  • IEA chief warns of global oil market entering red zone this summer
  • IEA chief warns of global oil market entering red zone this summer

International Energy Agency (IEA) chief Fatih Birol warned on Thursday that the global oil market could enter a critical "red zone" in July or August. This impending crunch is driven by peak summer travel demand, dwindling commercial stockpiles, and a severe deficit in fresh Middle East exports caused by the ongoing Iran conflict.

The 32-member of IEA coordinated a historic release of 400 million barrels, but these supplies are expected to be exhausted by early August. Birol highlighted that a full and unconditional reopening of the Strait of Hormuz is the single most important solution and the IEA stands ready to coordinate further releases from strategic petroleum reserves.

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