Exploration and production licences in Poland are granted by the Ministry of the Environment's geological unit. The unit, known as the Department of Geology and Geological Concessions, has a wide range of responsibilities, which include shaping the direction of Poland's concession policy, levying charges and royalty payments, promoting the country's oil and gas reserves, and supervising the collection and processing of geological data. PGNiG dominates the upstream oil and gas segment, although there is no mandatory state participation in licences. PGNiG provides gas supply to industry and households, purchasing gas from Russia, Central Asia, Norway and Germany.

《中国证券报》6月1日报道，《关于理顺居民用气门站价格的通知》日前发布，决定自6月10日起理顺居民用气门站价格、完善价格机制。根据方案，居民用气供需双方可以基准门站价格为基础，在上浮20%、下浮不限的范围内协商确定具体门站价格，实现与非居民用气价格机制衔接。《关于统筹规划做好储气设施建设运行的通知》则要求各地以省级为单位在2018年上半年制定储气设施建设专项规划，依法依规简化项目核准和建设程序。加快办理各项审批手续，加快推进地下储气库、沿海LNG接收站和重点地区集约、规模化LNG储罐建设。

10 月，生产方面，石油加工、炼焦及核燃料加工业规模以上工业增加值同比增长 7.0%，增速和上年同期相比下降 1.3个百分点；原油加工量 5278 万吨，同比增长 4.6%，增速比上月下降 0.3 个百分点；原油生产 1609 万吨，同比增长 0.3%。进出口方面，成品油出口量 399.9 万吨，同比增长 7.8%；进口原油 4080.0 万吨，同比增长 31.5%。

In July, KOGAS and the Busan Port Corporation (BPC) signed an agreement to jointly study the feasibility of developing a floating LNG bunkering terminal, as part of a broader move to make LNG available as an alternative shipping fuel ahead of the IMO’s cap on sulphur content in global bunker fuels at 0.5% in 2020. KOGAS’ LNG sales rose 10.5% y-o-y in July to 2.36mn tonnes, with favourable policies and the temporary closure of several aging nuclear plants, driving stronger sales to both power generators and industrial end-users.

The Ministry of Energy and Mineral Resources is responsible for policy formation and implementation in the field of energy and mineral resources, including oil and gas. Special Task Force for Upstream Oil and Gas Business Activities is an institution established by the Government of the Republic of Indonesia in 2013 to manage the upstream oil and gas business activities. National oil company Pertamina maintains a dominant position over all oil and gas up activities in the country, holds operatorship of all of Indonesia's refineries, and is the sole buyer of crude oil in Indonesia.

The blockade on Qatar, imposed in mid-2017, has disrupted the supply of products such as polymers with the country representing 2% of global polyethylene (PE) supply. Qatar's PE supplies to the GCC and Egypt amount to just under 100,000tpa, which can be easily replaced by production elsewhere in the region. As such, cuts in Qatari supplies are likely to have a greater impact on Dubai's port than in regional markets, but on a global level will affect international trade flows in petrochemicals and polymers. While there is little incentive in the GCC and Egypt to lift the blockade, it has caused complications for the EDC-VCM-PVC chain as well as supplies of ethylene, PE and methanol in addition to gas supplies, particularly to India. However, these complications are now being worked around and the negative impact of the trade blockade has receded. As such, Qatar's sour relations with some regional neighbours will not hinder petrochemicals trade unless unexpected events lead to a further deterioration in geopolitical risk.

Russian petrochemicals output grew at a faster rate than industrial growth in 2017. Russian chemicals output grew 4.3% in 2017, largely due to growth in fertilizer, according to Rosstat data. Ethylene output rose 2.5% to 2.86mn tonnes, benzene grew 4.2% to 1.36mn tonnes, caustic soda was up 6.1% to 1.24mn tonnes and mineral fertilizer production grew 8.2% to 22.52mn tonnes. In contrast, industrial growth was just 1.8%. Higher oil prices are spurring the domestic economy following several years of stagnation, but this trend has also hiked naphtha prices and raised the cost of production at a time when markets have been limited by US and EU sanctions.

In September, the OPEC Reference Basket increased sharply by almost 7%, or $4.92 m-o-m, to average $77.18/b the highest since October 2014. Crude oil futures prices also increased for the month, mainly supported by geo-political tension, growing concerns over a shortage in global oil supply and low US oil inventories, particularly in Cushing, Oklahoma. ICE Brent was $5.27 higher at $79.11/b compared with the previous month, NYMEX WTI was up $2.24 at $70.08/b and DME Oman increased by $6.08 to $78.75/b. Year-to-date (y-t-d), ICE Brent was $20.23 higher at $72.74/b, NYMEX WTI increased by $17.43 to $66.79/b and DME Oman was up $19.25 at $70.48/b, compared to the same period a year earlier. The Brent-WTI spread widened to average $9.02/b for the month. Speculative net long positions ended mixed, significantly higher for ICE Brent, while lower for NYMEX WTI. As for market structure, the backwardation in Dubai expanded sharply in September, while that of WTI eased. The Brent market structure flipped into backwardation amid concerns over a shortage global oil supply. Apart from Asian grades, the global sour discount to sweet crudes decreased due to an anticipated tightening of sour crude and high availability of sweet crude.

Petroleum resins market has been segmented on the basis of product, applications, end-use and regions. petroleum resins are made up of naphtha and are of mainly four types, C5 resins, C9 resins, copolymerization of C5/C9 resins and the hydrogenated resins. These resins are used as a tacking agent in various applications including rubber compounding, paints, printing inks, adhesives, tapes and labels. The major end-use industry of the petroleum resins include construction, automotive, consumer goods, and packaging.

Under the Energy Administration Act, the state takes a leading role in research and development for the energy sector, which the Ministry of Economic Affairs may set-up a special fund to finance. Funding will come from royalties and taxes collected from the country's oil and gas businesses. Firms operating in Taiwan are to submit operation data to the Ministry. The Energy Administration Act incentivises firms to invest in energy storage facilities; these firms are entitled to a two-year accelerated depreciation of their assets, thereby lowering their taxable profits.

The latest issue of our O&G Capex Outlook Special Report indicates that spending on oil and gas will increase for a second consecutive year in 2019, solidifying the return of upstream development momentum following one of the most aggressive downcycles in recent history. That said, spending caution will prevail as producers increase their focus on fiscal discipline and cost efficiency. From a basket of 113 of the world's largest oil and gas companies, we estimate capex reached USD507bn in 2018. We expect this will rise to nearly USD540bn in 2019, representing a gain of 6.1% y-o-y. While oil prices have experienced notable gains over the past year, this represents a relatively subdued increase in capex. Spending has been reined in as producers expand on efforts to boost profitability and shareholder value.

At the central governmental level, the Indian oil and gas sector is governed by the Ministry of Petroleum and Natural Gas. The ministry has responsibility for all aspects of the sector, including exploration, production, refining, distribution, marketing and trade. Governance at the regional level varies by state. Some states (such as Rajasthan and Gujarat) have established energy directorates; in others, the role is subsumed within the departments of industry and commerce. The main regulatory bodies are the Directorate General of Hydrocarbons and the Petroleum and Natural Gas Regulatory Board, which regulate the upstream and downstream sectors, respectively. Various other government bodies perform functions relevant to the oil and gas sector. These include the Centre for High Technology, the Oil Industry Development Board, the Oil Industry Safety Directorate, the Petroleum Conservation and Research Association and the Petroleum Planning and Analysis Cell.

Through state entities such as Bahrain Petroleum and the National Oil & Gas Authority, the government asserts primary control over the oil and gas sector in Bahrain. NOGA regulates the industry and issues regulations, while the state-owned oil and gas company BAPCO has exclusive rights to explore, produce and distribute oil and gas on the government's behalf. There is no key and overarching regulatory framework. However, the government has increasingly tried to increase private sector participation in order to maximise the country's limited natural resources (see Licensing Regime section below). In middle June 2016, King Hamad bin Isa al-Khalifa announced that he was abolishing the kingdom's Energy Ministry and creating two new portfolios from it. Sheikh Mohammed bin Khalifa bin Ahmed al-Khalifa was named Oil Minister and former Energy Minister Abdul Hussain bin Ali Mirza was appointed Electricity and Water Affairs Minister.

运价根据淡旺季表现，往往在年内呈前低后高走势，因此若年均运价为1.85万美元/天左右，就代表在上半年淡季时，运价可能已经低于了1万美元/天的现金保本点。

今年油价先升后降，使前三季度石油化工行业盈利大增，四季度预计环比下滑：受OPEC 减产和地缘政治等因素影响，前三季度国际油价震荡上行，突破85 美元，石油化工行业盈利同比大增；四季度以来国际油价急剧下跌至目前的60 美元左右，预计四季度石油化工行业盈利环比大幅下跌。

根据BP 能源统计，2017 年全球石油贸易量为6759 万桶/天，需求为9819 万桶/天，其中贸易量占总需求的比重为68.84%，较之前一年上升1.7 个百分点；而80 年代全球贸易量占总需求比例基本在40-50%之间。我们认为全球石油贸易扩大主要原因有：全球原油的生产地与消费地不平衡；新的大型炼油厂出现，可以加工适用性更强的原油，增加了原油调和市场的规模；金融工具增多，带来了更多的对冲手段等。

2017-2018 年1 季度：OPEC+减产加快了全球原油去库存的节奏，但也激发了美国页岩油产地的复活，美国原油增产部分对冲了OPEC+的减产，油价中枢处于45-55 美元/桶。

整体结论：化工行业2019年景气预计将震荡下行，主要下游增速放缓，供给端新增产能提速。2018年里，我国经济形势震荡，中国化工产品价格指数自2018年9月一路下滑，结束两年来的上涨，开始进入下行周期。化工行业主要下游需求放缓，尤其是地产行业较为低迷，房屋竣工面积累计同比在2017年11月开始转负，2018年大幅下滑，商品房销售速度放缓；我国汽车月销量当月同比在2018年7月转负，出现下降；空调月销量自2018年7月起下滑，纺织服装零售额低速增长，并未形成明显需求拉动。

前三季度供给收缩主导上涨，四需双杀抹平幅。美洲产能释放冲击市场，经济放缓与贸易争端带来需求压力。

我们判断，相比上一轮资本开支高峰，油服复苏稍显温和且有所分化，全球范围内北美和拉美复苏程度较大，国内市场中“三桶油”响应国家能源安全战略而加大资本开支。