BEIJING — China’s demand for refined oil is likely to rise 3 percent year on year in 2018 and slow down gradually in the medium- and long-term, an industrial report predicted.

The United States will rise to be a major crude oil supplier for China after the latter overtook the former to become the world’s largest crude oil importer last year, according to a report released by Chinese oil giant Sinopec and think tank Chinese Academy of Social Sciences.

China imported 420 million tons of crude oil last year, up 10.1 percent, setting a record high, official data showed.

China’s refined oil market is more competitive than before as private players have seen their market share more than double in the past decade, the report showed.

Refined oil exports are expected to rise about 4 percent to exceed 41 million tons this year and inch up in the longer term.

The report marked the year 2017 as the beginning of the rebalancing of the global oil market and predicted the Brent oil price will move between $50 to $70 per barrel this year.