IEA Director: Oil Market May Enter 'Danger Zone' Between July and August

Odaily News IEA Executive Director Fatih Birol said on Thursday that the arrival of the peak summer fuel demand season, combined with a lack of new oil exports from the Middle East and declining inventories, could push the oil market into a "danger zone" between July and August, though he did not elaborate. In his speech, Birol stated that the world was in a state of oil surplus when the oil supply crisis triggered by the Iran war broke out, which helped cushion the shock, but inventories are now declining. (Jin 10)