China’s fuel exports are likely to expand by nearly a third this year as the world’s second-largest oil consumer adds new refineries that will exacerbate a supply overhang, said a unit of top oil and gas group China National Petroleum Company. An estimated 14.74 million tonnes per year, or 295,000 barrels per day (bpd) of crude run capacity, will be added this year, bringing the country’s total to 18 million bpd, CNPC’s Economics and Technology Research Institute said in its annual industry outlook released on Friday. That could result in fuel exports surging 31.7% to a record 54.7 million tonnes. “Taking into ... (full story)