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By Reuters
(Reuters) – The start of peak summer fuel demand combined with the lack of new oil exports from the Middle East and depleting stocks could push the oil market into the “red zone” in July-August, the head of the International Energy Agency said on Thursday without elaborating.
The world entered the oil supply crisis caused by the Iran war with a surplus of oil, which helped to absorb the shock, but now stocks are now eroding, Fatih Birol said in a speech at Chatham House in London.
In March, the 32-member IEA coordinated the release of 400 million barrels oil from strategic reserves to calm markets. That was the largest such release in history, with the supplies now flowing to the market at a rate of about 2.5 million to 3 million barrels per day, Birol said.
The IEA is ready to coordinate further releases if necessary, Birol added.
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