AI Summary

The International Energy Agency warned that global oil markets could enter a “red zone” in July and August as crude inventories rapidly deplete while summer fuel demand peaks. The Northern Hemisphere is entering its highest seasonal period for fuel consumption, and severe heatwaves are straining power grids. Between March and May, global oil inventories fell by more than 250 million barrels, with on‑land commercial and strategic stockpiles draining at a record pace. The IEA’s alert highlights the risk of supply shortages as demand surges.

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