UPDATE 1-Sinopec sees oil product exports rising as domestic demand growth slows

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BEIJING, Feb 1 (Reuters) - State oil company Sinopec Group said it expects China's oil product exports to keep rising in the medium to long term as domestic demand growth slows and new refining capacity comes onstream in 2020, while also forecasting more U.S. oil imports.

China's shipments abroad of refined fuel products will rise by 4 percent this year to 41 million tonnes, it said in its annual oil and gas sector outlook released on Thursday.

The country exported record volumes of fuel in 2017 as refineries churned out more product to take advantage of decent profit margins at home and abroad, with the government issuing generous export quotas.

Domestic oil product demand in the world's second-largest oil consumer will rise by around 3 percent this year, Sinopec said in the report.

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

The report also said China's 2018 crude oil imports from the United States will top 10 million tonnes (200,000 barrels per day). That would be up from 7.7 million tonnes that China brought in from the U.S. last year. (Reporting by Chen Aizhu; Writing by Josephine Mason; Editing by Tom Hogue)