LONDON, Oct 29 (Reuters) - Global refining margins are

dismal as global oil demand growth remains below average due to

sluggish economic activity in China, BP CEO Murray

Auchincloss said on Tuesday.

"Global oil demand is a little bit below average growth in

2024 and 2025, and that's China," Auchincloss told Reuters.

Demand will return to normal growth rates after Chinese

President Xi Jiping introduces new stimulus measures to the

economy, he said.

The International Energy Agency and other bodies have

repeatedly trimmed the oil demand outlook for China in recent

months. The IEA earlier this month said that the rapid growth in

electric vehicle sales in China was "wrong-footing oil

producers".

"Refining margins are dismal right now. The third quarter

was a tough quarter and the start of the fourth quarter is

pretty bad as well," Auchincloss said after BP reported a 30%

annual drop in profit in the third quarter.

Global oil storage levels are currently at a low level so

supply outages or extreme weather events could lead to higher

volatility, he said.