China Petroleum & Chemical Corp (SNP), one of China’s largest energy companies, is facing a tough outlook. The slowdown in global economic growth in general and China, in particular, will hurt the performance of the company’s downstream business. The demand for oil products in the country is waning. The declining levels of vehicle sales could lead to a drop in diesel and gasoline consumption. At the same time, the supplies could grow as new refineries are placed into service. China Petroleum & Chemical Corp has previously reported a drop in profits, driven in