The 36th annual CERAWeek kicked off Monday with an oil outlook by the International Energy Agency.

For the rest of this week, the who is who of the world's energy industry is meeting at the Hilton Americas in downtown Houston for CERAWeek, an international energy convention organized by IHS Markit.

The speakers at daily presentations and panel discussions and presentation include heads of state, energy ministers and CEOs of major oil and gas companies.

One of the first things on the agenda was the International Energy Agency's Oil 2017 report – a five-year forecast of the industry.

IEA executive director Fatih Birol said global oil supply could struggle to keep up with demand after 2020.

"We have this year about US$450 billion– (in) 2016 – US$450 billion of investments worldwide for the upstream," he said. "And this is about 25 percent lower of what it needs to be."

Demand for oil will rise in the next five years – driven by India and China, according to the report.

This comes after OPEC recently agreed to cut oil production to stabilize the low price of oil.

Birol said things look good for the next three years but he expects supply to grow slowly after that, leading to a sharp increase in the price of oil.

"We need investments in all these countries if we – globally – if we avoid tightening of the market seriously in a few years of time," he said.

U.S. production will contribute a majority of new supplies, according to the IEA report.

Subscribe to Today in Houston Fill out the form below to subscribe our new daily editorial newsletter from the HPM Newsroom. Email* First Name Last Name * required