The market for oil is undergoing a fundamental change. Previously, the OECD was the primary consumer; today, demand is shifting towards emerging market economies.
On a daily basis, OECD countries demand about a million barrels less today compared to a year ago. However, non-OECD countries more than made up the shortfall, demanding an additional 1.5 million barrels. The net effect was to increase overall demand by 0.5 million barrels a day.
Where is all this additional demand coming from? No surprises here; China, Asia, Latin America and the middle east. Even Africa managed to show up as a major source of additional demand.