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

International group says oil supply will slowly tighten

Source RNN Source RNN

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 This material may not be published, broadcast, rewritten or redistributed.

  • News HeadlinesNewsMore>>

  • The Latest: Norway sets Winter Games record with 38 medals

    The Latest: Norway sets Winter Games record with 38 medals

    Friday, February 23 2018 8:14 PM EST2018-02-24 01:14:57 GMT
    Saturday, February 24 2018 3:16 AM EST2018-02-24 08:16:04 GMT
    (AP Photo/Michael Sohn). Driver Nadezhda Sergeeva and Anastasia Kocherzhova of the Olympic Athletes of Russia take a curve in their third heat during the women's two-man bobsled final at the 2018 Winter Olympics in Pyeongchang, South Korea, Wednesday, ...(AP Photo/Michael Sohn). Driver Nadezhda Sergeeva and Anastasia Kocherzhova of the Olympic Athletes of Russia take a curve in their third heat during the women's two-man bobsled final at the 2018 Winter Olympics in Pyeongchang, South Korea, Wednesday, ...

    The International Bobsled and Skeleton Federation says it isn't commenting yet on an alleged anti-doping rule violation by Russian women's bobsledder Nadezhda Sergeeva.

    The International Bobsled and Skeleton Federation says it isn't commenting yet on an alleged anti-doping rule violation by Russian women's bobsledder Nadezhda Sergeeva.

  • The Latest: Official: 18 soldiers killed in west Afghanistan

    The Latest: Official: 18 soldiers killed in west Afghanistan

    Saturday, February 24 2018 1:15 AM EST2018-02-24 06:15:26 GMT
    Saturday, February 24 2018 2:37 AM EST2018-02-24 07:37:05 GMT
    (AP Photo/Massoud Hossaini). Security forces inspect the site of a suicide bombing in the diplomatic area of capital Kabul, Afghanistan, Saturday, Feb. 24, 2018.  Interior ministry spokesman Najib Danish said several people were wounded in Saturday's a...(AP Photo/Massoud Hossaini). Security forces inspect the site of a suicide bombing in the diplomatic area of capital Kabul, Afghanistan, Saturday, Feb. 24, 2018. Interior ministry spokesman Najib Danish said several people were wounded in Saturday's a...

    Afghan official says at least three security personnel have been killed in separate suicide bombing attacks in southern Helmand province.

    Afghan official says at least three security personnel have been killed in separate suicide bombing attacks in southern Helmand province.

  • Emoluments suit vs. Trump now personal as well as official

    Emoluments suit vs. Trump now personal as well as official

    Saturday, February 24 2018 12:45 AM EST2018-02-24 05:45:34 GMT
    Saturday, February 24 2018 1:55 AM EST2018-02-24 06:55:50 GMT
    (AP Photo/Evan Vucci). In this Feb. 20, 2018, photo, President Donald Trump speaks in the East Room of the White House in Washington. Attorneys general of Maryland and the District of Columbia on Feb. 23, expanded their lawsuit accusing Trump of accept...(AP Photo/Evan Vucci). In this Feb. 20, 2018, photo, President Donald Trump speaks in the East Room of the White House in Washington. Attorneys general of Maryland and the District of Columbia on Feb. 23, expanded their lawsuit accusing Trump of accept...

    AGs of Maryland, DC expand emoluments lawsuit against Trump, suing him not only as president but in his personal capacity as a businessman.

    AGs of Maryland, DC expand emoluments lawsuit against Trump, suing him not only as president but in his personal capacity as a businessman.

Powered by Frankly