China’s demand for oil is falling sharply and inventories are rising due to the global economic crisis, AP reported, citing state-owned oil giant China National Petroleum Corp (CNPC). The nation’s top oil producer said its production has been adversely affected, especially since September. Industries such as the home appliance and steel sectors are seeing decreasing orders, with many steelmakers suspending or cutting production, in turn leading to weakening demand for oil and gas. China Petrochemical Corp, or Sinopec, the country’s number one refiner, said sales of oil products in the third quarter went down by 3.2% from the second quarter.
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