IEA: Global Oil Stocks on Track for Historical Lows Ahead of Summer Peak

The International Energy Agency (IEA) has warned that global oil markets could enter a "red zone" in July and August as rapidly depleting crude inventories coincide with the onset of peak summer fuel demand. The Northern Hemisphere is also entering its highest seasonal period for fuel consumption, with the situation compounded by severe global heatwaves that are straining power grids. According to the energy watchdog, global oil inventories fell by over 250 million barrels between March and May, with on-land commercial and strategic stockpiles…