International group says oil supply will slowly tighten - Newschannel 6 Now | Wichita Falls, TX

International group says oil supply will slowly tighten

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HOUSTON (AP) - An international group representing oil-importing countries warns that the global supply of oil could lag demand after 2020, leading to higher prices.

There's a worldwide glut of oil now, and the International Energy Agency says the supply looks adequate for the next three years thanks to rising production in the U.S. and a few other nations.

But the group says that supply growth will slow after 2020, with a drop in spare production capacity expected unless new projects are approved soon. Investment in new projects fell during the slump in oil prices that began in mid-2014. In addition, OPEC members agreed to short-term cuts to boost crude prices.

The group, whose members include the U.S. and other oil-importing nations, issued its latest five-year forecast on Monday.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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