News · 22 May 2026
IEA chief warns oil markets nearing 'red zone'
Unsplash / Rock Staar
Ordinary people could face huge price shocks for fuel, energy, and food, threatening summer travel. The International Energy Agency's executive director, Fatih Birol, warned oil markets will enter a "red zone" by July or August. This situation arises from a significant increase in demand, primarily due to the travel season, coupled with low stock levels and a reduction in Middle Eastern shipments abroad.
Reported by Guardian · How we write briefs