MOSCOW (Sputnik) — Last year’s OPEC World Oil Outlook report said that the 2014-2040 oil demand would require some $7.3 trillion in investments into exploration and development of hydrocarbon reserves in 2013 prices.
The demand for energy sources is expected to grow by 50 percent in the period until 2040, according to the OPEC forecast. Some 78 percent of the demand will be for fossil energy.
The organization predicted oil demand would increase by around 1.25 million barrels per day to average 94.14 million barrels next year and 110 million barrels per day in 2040.
Oversupply low demand on oil products have caused the price of oil to drop to just one third of the prices seen in the summer of 2014, when the price of Brent crude stood at about $115 per barrel. Current oil prices are hovering around $35 per barrel.