Wednesday, May 8, 2013
The above shows the trend for the major drivers of non-OECD demand in the last few years - China, the rest of developing Asia, the Middle East, and Latin America. The data come from the IEA Oil Market Report, Table 1. Adding all these together, there's something like 1.25mb/d of additional demand each year coming from these regions currently. This can be compared to yesterday's conclusion that OECD demand has been declining at about 400kb/d/yr (substantially fueled by a deep European recession).
Thus overall, the world needs about 800kb/d of additional supply each year to keep things on their current trend. That hasn't been happening in recent months: