LONDON -- The world is facing an oil supply “crunch” within five years that will force prices to record levels and increase the West’s dependence on oil cartel OPEC, the industrialized countries’ warned the International Energy Agency, according to the Financial Times newspaper.

In its starkest warning yet on the world’s fuel outlook, the International Energy Agency said “oil looks extremely tight in five years time” and there are “prospects of even tighter natural gas markets at the turn of the decade.”