China oil demand weakens due to global crisis

Fuel demand in China has weakened sharply since September due to the global financial crisis, the country's biggest oil company says.

China National Petroleum Corp. has suffered a "fairly big impact," its president, Jiang Jiemin, said in a Nov. 14 speech to employees, according to a transcript on the company's Web site. Jiang gave no details.

"Especially since September, the impact is more obvious and prominent. Basically, it is reflected in such things as a sharp shrinking of consumer demand," Jiang said, according to the transcript.

China's economic growth slowed in the latest quarter to 9 percent, down from 11.9 percent last year.

Sales of gasoline and diesel at State-owned CNPC, the parent of publicly traded PetroChina Ltd., and its rival China Petroleum & Chemical Corp., also known as Sinopec, have grown at annual rates of more than 10 percent in recent years.

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