An international group representing oil-importing countries warns that the global supply of oil could fall short of demand after 2020 and push prices higher. Investment in new projects fell during a slump in oil prices that began in mid-2014. The international group, whose members include the U.S. and other oil-importing nations, issued its latest five-year forecast at a major energy conference Monday in Houston. Oil prices bottomed in early 2016 below $30 a barrel but have risen into the mid-$50s. The group based its global forecast on Brent crude, the benchmark for international oil, being $58 a barrel.

Source: ABC News March 06, 2017 16:52 UTC