Sinopec sees oil product exports rising as domestic demand growth slows

BEIJING (Reuters) - State oil company Sinopec Group said on Thursday it expects China’s oil product exports to rise by 4 percent this year to 41 million tonnes and continue to increase every year as domestic demand growth slows.

The country exported record volumes of fuel in 2017 as refineries churned out more product to take advantage of decent profit margins.

Domestic oil product demand will rise by around 3 percent this year, it said in its annual oil and gas sector outlook released on Thursday.

China’s gasoline consumption will hit a peak between 2025 and 2030, it said.

(Reporting by Chen Aizhu; Writing by Josephine Mason; Editing by Tom Hogue)