China's oil demand falls sharply amid global crisis: top producer

[girl gone mad]

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.

http://www.google.com/hostednews/afp/article/ALeqM5i4rqcwkT0acYlI7GFWNVUYjDo3Rw

[jedr]

1. Am I crazy?;

I remember this summer, when * went to the Saudi's on bended knee and ask for lower oil prices, that when refused he threatened to through the world into a recession . He knew at the time that the housing bubble as about to burst and that high oil prices were going to help bring this about. Anyone have a clearer memory about this?:tinfoilhat:

[tama]

2. No

My pot eaten brains has anything but clear memory of anything. :)

But that how the Big Game goes - the game where the gamers themselves are nothing but puppets.