The American Petroleum Institute says that oil prices will probably remain depressed this year and that oil will fall to $20 a barrel by the end of the year, with a decline in U.S. shale production.
The average price for a barrel of oil has already fallen from $113.49 to $73.69 this year, according to data from the Energy Information Administration.
The energy industry has been expecting oil prices to drop and has seen a surge in oil production.
However, it is not clear how much that surge will impact oil prices and whether it will impact global oil demand.
Oil is now priced at $100 per barrel, according the IEA.
However the ICA also noted that global demand for oil is expected to remain high in the coming years.