Oil producing nations' cartel OPEC has revised its demand estimate in its latest World Oil Outlook, however has warned over declining investments. OPEC demand projections are still higher than those projected by International Energy Agency (IEA). Saudi Arabia, also, few days back warned on declining investments posing challenge to future energy security.

According to OPEC, from here till 2040, every year $400 billion investments are required to keep supply in line with rising demand. According to the cartel, demand is likely to come from emerging market economies, namely China and India. Overall global demand is likely to increase by 18 million barrels/day by 2040 to 109.8 million barrels per day. This figure, is however 1.3million barrels/day lower from previous projections, probably taking into account recent climate accord in Paris. Figure is still higher from IEA projections of 103.5 million barrels/day.

In the medium term however it feels, oil demand to rise from current 92.8 million barrels/day in 2015 to 97.4 million barrels/day by 2020.

On the supply side, the organization expects non-OPEC production to rise to 61.5 million barrels/day by 2025 but decline to 59.7 million barrels/day by 2040. On the other hand it expects OPEC production to rise by 10 million barrels/day by 2040.

On the price front it now expects price to reach $70/barrel by 2020 and $95/barrel by 2040.

Oil is currently trading at $36.8/barrel.