IEA Executive Director Fatih Birol: “The oil markets that were pushed into crisis by the US-Israeli attacks on Iran and Iranian retaliation will reach a critical point in July or August,” International Energy Agency (IEA) Executive Director Fatih Birol predicts. The increased demand due to travel during the tourist season, low reserves and reduced exports from the Middle East will cause a global contraction, he warns. Moreover, the oil supply will collapse at an unprecedented rate, according to Birol.
The Guardian reports. According to Birol, the only effective solution is the immediate and unconditional opening of the Hormuz Strait.
Topics: #fatih #birol #oil
