Record oil production growth from the US, Brazil, Canada and Norway can keep the world well supplied through 2020.
However, according to the International Energy Agency (IEA), more investment will be needed to boost output after this time.
The organisation says over the next three years, gains from the US alone will cover four-fifths of global demand growth for oil, with Canada, Brazil and Norway able to cover the remainder.
It says after this point, additional investment will be needed to spur supply growth, following the industry’s two-year drop in investment in 2015 and 2016, which is compounded by lower upstream spending taking place outside of the US.
The IEA expects global oil demand to increase by 6.9million barrels a day (mb/d) by 2023 to 104.7mb/d, with China remaining the main engine of demand growth.
More stringent policies to curb air pollution and the increasing use of electric transport are expected to slightly slow this demand growth.
Dr Fatih Birol, Executive Director of the IEA, said: “The US is set to put its stamp on global oil markets for the next five years.
“But as we’ve highlighted repeatedly, the weak global investment picture remains a source of concern – more investments will be needed to make up for declining oil fields.”