IEA Warns Oil Markets Could Enter a Red Zone This Summer
IEA chief Fatih Birol warned that with global stocks shrinking and summer demand rising amid the Iran war, oil markets could enter a 'red zone' by July or August unless the Strait of Hormuz reopens and Middle East supply returns; the IEA has already coordinated a record 400 million-barrel reserve release and stands ready to act further, with the biggest impacts expected in developing Asia and Africa as prices climb.
