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IEA Director: Oil market may enter ‘danger zone’ in July-August

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ME News update: On May 21 (UTC+8), International Energy Agency (IEA) Executive Director Fatih Birol said on Thursday that the arrival of the summer peak fuel demand, along with a lack of new oil exports from the Middle East and ongoing inventory declines, could push the oil market into a "danger zone" during July and August, but he did not provide further details. In his speech, Birol said that when the oil supply crisis triggered by the Iran war broke out, the world was already in a state of oil oversupply, which helped ease the shock, but now inventories are steadily declining. Birol said that if necessary, the IEA is prepared to take action to coordinate further releases of strategic petroleum reserves. If countries want to release additional reserves, it is ready to act. (Jin Shi) (Source: ODAILY)
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