Soon, the world will not be able to produce all the oil it needs as demand is continually rising while supply is falling. According to International Energy Agency (IEA), oil consumption will rise by 56% between now and 2040, with China and India, both responsible for half of this increase in consumption.
A study by Pickering, Holt &Co, an investment bank focusing on energy, estimates that more than 50 billion barrels of oil and gas have been consumed in 2013 against only 20 billion barrels of conventional oil discovered. The study has examined 400 exploration wells and has concluded that companies have found less oil than anticipated, despite heavy investments in capital and technology. Deep-sea exploration, where more hydrocarbons are being discovered at about 1500 meters, is becoming ever more important.
Source : http://www.business-standard.com/content/b2b-chemicals/unsolved-global-oil-supply-and-demand-equation-poses-risks-dr-mosongo-moukwa-114070700811_1.html