IEA Director: Oil Market May Enter 'Danger Zone' in July-August

Odaily reports that International Energy Agency (IEA) Director Fatih Birol stated on Thursday that the upcoming peak summer fuel demand season, coupled with a lack of new oil exports from the Middle East and declining inventories, could push the oil market into a "danger zone" during July and August. However, he did not provide further details. In his speech, Birol noted that the world was in a state of oil surplus when the supply crisis induced by the Iran war erupted, which helped cushion the impact. However, inventories are now continuously declining. (Jin Shi)