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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China's oil demand falls sharply amid global crisis: top producer AFP - 1 hour 41 minutes ago BEIJING (AFP) - - China's demand for oil is falling sharply and inventories are surging as the global economic downturn is gradually being felt, said China National Petroleum Corp (CNPC). Production at the nation's top oil producer has been affected "adversely" as the international financial crisis has continued to take its toll on the country, according to a statement on the company's website. "The impact has become even more clear since September," the statement said, citing CNPC president Jiang Jiemin, who was speaking at a recent company video conference. "It manifests itself in tougher sales due to sharply contracting consumption, difficult production planning because of surging inventories, and slumping prices of oil and petrochemical products," he said. Economic growth in China slowed to nine percent in the third quarter, the lowest level in more than five years. Industries such as the home appliance and steel sectors are seeing decreasing orders, with many steel makers suspending or cutting production, in turn leading to weakening demand for oil and gas, earlier Chinese reports said. Sinopec, the country's number one refiner, said in its third quarter report that sales of oil products between July and September went down by 3.2 percent from the second quarter to 31.8 million tonnes. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy China may legalise unofficial banks: reportAFP - 7 minutes ago Emerging debt-Asia bond spreads widen as recession spreadsReuters - 45 minutes ago Singapore could see negative growth in 2009, PM warnsAFP - 1 hour 22 minutes ago Asian stocks mixed as Japan slips into recessionAP - 1 hour 39 minutes ago Related Articles: Business China may legalise unofficial banks: reportAFP - 7 minutes ago India Infosys says currency moves to impact Q3 revReuters - 23 minutes ago Arianespace sees 2009 sales steady; eyes MideastReuters - 23 minutes ago Japan firm recalls 8 mln bottles US mineral waterReuters - 26 minutes ago JGBs rise, repo rate dip helps short-term bondsReuters - 28 minutes ago Enlarge Photo China's oil demand falls sharply amid global crisis: top producer Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US space-funeral company plans to launch lunar cemetery Obama thinking big, despite crisis Prince Charles wants to speak out as king: biographer Earth would be heading to a freeze without CO2 emissions Democrats face White House opposition to new economic plan View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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