China’s ever-expanding oil refining capacity will increase competition among crude processors around the world and weigh on their margins, the nation’s biggest energy producer said. Refining capacity will reach 900 million tons this year and rise to 980 million tons by 2025, according to a report from Economics & Technology Research Institute, which is affiliated with China National Petroleum Corp . Capacity will outstrip local demand by at least 160 million tons a year by 2025, CNPC said. A frenzy of refinery building means China is on track to surpass the U.S. as the world’s biggest crude processor this year, while a government drive to de-carbonize the economy will weigh on demand growth for fuels like diesel and gasoline later in the decade. The growing imbalance between supply and consumption in China is set to lead to an increase in its fuel exports. In the shorter term, worldwide refining […]