SA's problems generally come from a lack of credit. As credit worthy customers, the continent has a notoriously bad history.
Europe does a little better with credit, at least in the north. However, they have a real population problem moving forward.
For oil consumption to grow in Europe in the future, fewer people will have to consume more oil, which doesn't seem likely since they just about are staying even with the current population.
Increasingly indebted economies with shrinking populations aren't very good potential consumers of a resource which is becoming increasingly expensive to extract. I would not bet on demand rebounding anytime too soon.
RE