The current glut of oil, and the accompanying slowdown in drilling, could lead to a shortage in two or three years, according to The Wall Street Journal.

Oil-producing countries and companies have slashed their drilling budgets, which means production will slow, which means prices will rise. The industry must replace 34 billion barrels of crude each year to meet the expected growth in demand. But this year low oil prices meant drillers approved projects that will eventually produce just 8 billion barrels.

“The stage is set for a supply crunch down the line,” Miswin Mahesh, an oil analyst at Barclays, told the Journal. “Supply from existing fields will fall, while new projects won’t come online to replace them.”

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