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Chinese oil giant warns about surge in refined oil exports in 2020 amid overcapacity

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China’s refined oil exports are set to surge in 2020 amid persistent overcapacity, with an expected 170 million tons of refining capacity to sit idle as market competition intensifies and China's domestic demand slows, according to a report released by China National Petroleum Corp. (CNPC) on Monday.

China’s total refining capacity is expected to increase by 27 million tons to 887 million tons this year, which will help push exports up 18 per cent . . .

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