The International Energy Agency (IEA) is warning consumers not to let cheap oil lull them into a false sense of security amid forecasts of a price spike by 2021.

In a report, the IEA said it expects prices to start recovering in 2017.

But it forecasts that will be followed by a sharp jump in price as supply shrinks following under-investment by struggling producers.

Brent crude touched a 13-year low of $28.88 a barrel in January.

It has since recovered somewhat, but is still far below a high of $115 in June 2014.

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