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Oil Market Could Hit ‘Red Zone’ in July and August, IEA Says
This post was originally published on this site.
The start of summer travel season this year could trigger a global energy crisis if the Strait of Hormuz remains closed and Middle East oil supplies continue to deplete, the head of the International Energy Agency (IEA) predicted on May 21.
“We may be entering the red zone in July or August if we don’t see that there are some improvements in the situation,” IEA Executive Director Fatih Birol said in a speech at Chatham House in London, in reference to the oil supply crisis resulting from the Iran war.
The destruction of some energy infrastructure and Iran’s closure of the Strait of Hormuz—a vital route for about 20 percent of the world’s petroleum—has removed more than 14 million barrels of oil a day from the Middle East….
“We may be entering the red zone in July or August if we don’t see that there are some improvements in the situation,” IEA Executive Director Fatih Birol said in a speech at Chatham House in London, in reference to the oil supply crisis resulting from the Iran war.
The destruction of some energy infrastructure and Iran’s closure of the Strait of Hormuz—a vital route for about 20 percent of the world’s petroleum—has removed more than 14 million barrels of oil a day from the Middle East….
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