• Safi Bello

Oil industry heading for next crisis if things don't change, experts warn

CNBC ----- Steadier oil prices have helped U.S. and global energy companies get back into the investing game, but experts warn there's not enough money going into longer-term projects — and if things don't change, oil prices could spike and supply could be short. "We have about $450 billion of investment in upstream (this year). This is about 25 percent below where it needs to be to meet demand growth and compensate declines in existing fields," said Fatih Birol, executive director of the International Energy Agency. Birol, speaking at CERAWeek, said a sharp spike in oil prices is possible, starting in 2020, if new investment is not increased. To learn more click on the picture below to read the article.

Oil industry heading for next crisis if things don't change, experts warn - Read More from CNBC

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