IEA Chief Warns Oil Market Could Enter Red Zone in July
IEA head Fatih Birol warns the oil market may enter a red zone by July. Peak demand and the Iran war supply crisis are depleting global strategic reserves.
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International Energy Agency Executive Director Fatih Birol warned the oil market could enter a "red zone" in July and August. The warning follows the removal of 14 million barrels per day from the Middle East after the closure of the Strait of Hormuz. For investors, this signals a potential supply deficit as the IEA's largest-ever strategic reserve release is set to expire.
