The International Energy Agency says they expect production will boost in 2009/2010, giving some temporary relief, but said prices will then continue to rise until 2013 (from India Reuters):

FRANKFURT, July 5 (Reuters) - The situation on the oil market is likely to ease in 2009/2010 as more production comes onstream, then tighten again through 2013 as output falls and demand rises, the head of the International Energy Agency said.

“The market situation will certainly remain tight until 2013,” Nobuo Tanaka told German business daily Handelsblatt in an interview released ahead of publication on Monday.

In a summary of the interview distributed on Saturday, Tanaka urged oil producers to increase investment and consumers to save energy.

Developing countries must end the practice of keeping petrol prices artificially low and industrial countries must not reduce taxes on petrol at the pump, which would send the wrong signal to consumers, the paper quoted Tanaka as saying.

Earlier this week, Tanaka told Reuters in an interview that the world oil market was very tight, leaving it vulnerable to several factors that could boost crude prices further.

This is good news. It sounds like the world will get a very noticeable warning over the next year or so, encouraging people to make drastic changes while making the cost of changing a bit more affordable.

I also think “until 2013″ should be read “until at least 2013″. I’m assuming they can predict until 2013 because if new sources were discovered today it could take 5+ years to reach production.