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AP Photo/Hasan Jamali, File

A big takeaway from the International Energy Agency's big new oil market analysis is that despite the U.S. shale oil boom, weak overall global investment in new supply could bring high prices in just a few years. "We see significant risks of prices rising sharply, starting in 2020, unless significant new projects are sanctioned very soon," IEA executive director Fatih Birol said at one of the first events at the big CERAWeek energy conference in Houston.

Growth in oil demand is coming largely from Asia, putting the world demand on pace to pass 100 million barrels per day in 2019 and reach 104 million by 2022, IEA says in the five-year forecast. "We don't see a peak in oil demand any time soon," Birol said.

  • An eye-popping stat: "Today, one-third of the global oil demand growth comes from Asian trucks only," Birol said.

Between the lines: U.S. oil production is moving upward again, but the growth that IEA forecasts—1.4 million barrels of shale oil per day even if prices don't move above $60 per barrel—is not related to Donald Trump's deregulatory push. Instead it's the fruit of the industry's response to the price recovery. "This is not related to the current change in the policies," Birol said.

Go deeper

In photos: Protesters rally for George Floyd ahead of Derek Chauvin's trial

Chaz Neal, a Redwing community activist, outside the Minnesota Governor's residence during a protest in support of George Floyd in St.Paul, Minnesota, on March 6. Photo: Kerem Yucel/AFP via Getty Images

Dozens of protesters were rallying outside the Minnesota governor's mansion in St Paul Saturday, urging justice for George Floyd ahead of former Minneapolis police officer Derek Chauvin's trial over the 46-year-old's death.

The big picture: Chauvin faces charges for second-degree murder and manslaughter over Floyd's death last May, which ignited massive nationwide and global protests against racism and for police reform. His trial is due to start this Monday, with jury selection procedures.

Biden says $1,400 stimulus payments can start going out this month

Photo: Samuel Corum/Getty Images

President Biden said Saturday that the Senate passage of his $1.9 trillion COVID relief package means the $1,400 direct payments for most Americans can begin going out later this month.

Driving the news: The Senate voted 50-49 Saturday to approve the sweeping legislation. The House is expected to pass the Senate's version of the bill next week before it heads to Biden's desk for his signature.