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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

Tony Hsieh, longtime Zappos CEO, dies at 46

Tony Hsieh. Photo: FilmMagic/FilmMagic

Tony Hsieh, the longtime ex-chief executive of Zappos, died on Friday after being injured in a house fire, his lawyer told the Las Vegas Review-Journal. He was 46.

The big picture: Hsieh was known for his unique approach to management, and following the 2008 recession his ongoing investment and efforts to revitalize the downtown Las Vegas area.

Dan Primack, author of Pro Rata
3 hours ago - Economy & Business

The unicorn stampede is coming

Illustration: Annelise Capossela/Axios

Airbnb and DoorDash plan to go public in the next few weeks, capping off a very busy year for IPOs.

What's next: You ain't seen nothing yet.

16 hours ago - World

Maximum pressure campaign escalates with Fakhrizadeh killing

Photo: Fars News Agency via AP

The assassination of Mohsen Fakhrizadeh, the architect of Iran’s military nuclear program, is a new height in the maximum pressure campaign led by the Trump administration and the Netanyahu government against Iran.

Why it matters: It exceeds the capture of the Iranian nuclear archives by the Mossad, and the sabotage in the advanced centrifuge facility in Natanz.