August 25, 2010 (Chinavestor) China, the world's largest energy consumer and the second-largest buyer of oil and oil-based products behind the U.S., may purchase less crude in the third quarter due to slowing economic growth. The China Petroleum & Chemical Industry Association said the country's demand for crude could dip "noticeably" in the third quarter.
Accounting for domestic production and imports, China's oil demand could jump nearly 6% to to 108 million metric tons, or 8.6 million barrels a day in the quarter, the association said. That's well off the 15% increase in demand in the second quarter and the 22% pop in demand in the first quarter.
Earlier this month, PetroChina (NYSE:PTR), China's largest oil company, estimated demand would increase 9.5% in the third quarter. Apparent oil-product demand may rise 1.2 percent to 60 million tons and ethylene use may gain 4.5 percent to 3.2 million tons, Bloomberg News reported, citing the association.
China's investments in oil and gas exploration surged nearly 11% in the first seven months of 2010, the association said.