As present, Cambodia has no petroleum law. While new legislation is currently being drafted, the sector is currently governed by the 1991 Petroleum Regulations. In addition to the regulations, the draft model PSC is also used and was adopted by the General Department of Petroleum to provide comprehensive guidelines for the petroleum sector. The government has suggested it is working on a new comprehensive 'Petroleum Law', increasing uncertainty for investors, which has in turn stalled exploration and development efforts. The draft petroleum law, which was due for release by the end of 2015, has been postponed until several technical issues are clarified. The law will regulate the extraction of oil from onshore and offshore fields. In particular, the government has explained that it needs more time to study how revenue from the industry can be managed, alongside the proposed establishment of a national petroleum company.

Late 2017, we removed the Limbe refinery capacity expansion previously included in our forecast. There are no recent updates on refining expansion works and it remains unclear whether any expansion works have started at all. Nothing indicates an expansion will go through. In addition, given the difficult financial position of SONARA, we believe an expansion is unlikely to go through for the time being.

上周煤炭板块下跌 6.1%，表现弱于沪深 300 的下跌 1.1%。动力煤，产地方面，山西晋北煤价暂稳但有涨价预期；内蒙古鄂尔多斯地销煤价受民用需求旺盛等影响上涨 10 元/吨不等；陕西地区煤价整体延续上涨趋势，部分煤矿涨幅达 10-20 元/吨。港口方面，大秦线秋季检修影响调入量致使秦港库存持续下降，贸易商在发运成本支撑下报价坚挺，本周港口动力煤价先涨后跌。

由于担心在记者被杀事件后美国对其制裁，沙特能源大臣法利赫周一表示，沙特不打算对西方国家实施1973 年那样的石油禁运，并将石油与政治分开。法利赫表示，沙特原油产量很快就会从目前的1,070 万桶/日增至1,100 万桶/日，并称其有增产至1,200 万桶/日的能力。法利赫表示，除了美国全面制裁伊朗外，如果还有其他国家的产量下滑，沙特就将需要动用所有的备用产能。

生产方面， 1~9 月份，原煤产量25.9 亿吨，同比增长5.1%； 进口煤方面，1-9 月全国进口煤炭2.29 亿吨，同比增长11.8%，其中9 月份进口同比下降7.2%。预计四季度进口或同比将下降35.54%；运输方面，1-9 月铁路发运煤炭17.7 亿吨，同比增长9.8%；库存方面，受气候、运力提升等影响，8 月以来沿海6 大发电集团库存一直维持高位，从产地和电网煤炭库存来看，整体较为平稳。