9 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5.4%，增速和上年同期相比下降4.8 个百分点；原油加工量5134 万吨，同比增长4.9%，增速比上月下降0.7 个百分点；原油生产1518 万吨，同比下降2.4%。进出口方面，成品油出口量407 万吨，同比增长6.4%；进口原油3721.3 万吨，同比仅增长0.5%。价格方面，国际油价大幅走高，国内成品油价格三次上调。效益方面，1～9 月规模以上工业企业利润总额累计同比增长30.8%。投资方面，投资增速明显回升，1～9 月固定资产投资额累计同比增长2.3%，扭转了今年以来连续负增长的局面。

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.

Oil shale is an organic-rich rock, which contains a solid mixture of an organic chemical compound known as kerogen. From the organic compound, liquid hydrocarbons, such as shale oil, are produced. Oil shale is a substitute for conventional crude oil and is increasingly used, owing to its low cost of extraction. As per the 2016 estimate, the global deposits of the total world resources of oil shale are equivalent of 6.05 trillion barrels of oil. Industries utilize oil shale as a fuel for thermal power plants to drive steam turbines. Additionally, oil shale is used in the production of specialty carbon fibers, carbon black, adsorbent carbons, resins, phenols, tanning agents, road bitumen, and soil-additives. The growing use of oil shale across various industries has been driving the oil shale market.

The oil and gas sector plays an important role in Indonesia’s economy, generating 5.1% of the country’s gross domestic product (GDP) and earning nearly a tenth of export revenues in 2017. The sector was responsible for 5% of the overall central government budget revenue in 2017, while state subsidies accounted for 4.9% of total central government expenditures. Indonesia is the secondbiggest oil producer in the Asia Pacific region and the third-largest liquefied natural gas (LNG) exporting country in the world.

The spherical graphite market is associated with major companies that are involved in graphite production. Companies have started using innovation as a preferred strategy to bear the high risks involved in the industry. This chapter details the latest strategies and developments adopted by the key market players in the spherical graphite market. In order to lead the market as well as engage in the process of market growth, a company needs to work in collaboration with the top market leaders, acquire the relatively weaker companies, bring new products & services to the market, and improve the existing products.

Global oil markets remain tight YTD with low inventories and narrower OPEC spare capacity; an embedded risk premium is keeping oil prices high. We think the tightness could become worse as IMO 2020 implementation raises demand for middle distillates, and refineries demand more crude oil. We remain Overweight on the Malaysian O&G space, with top picks Dialog and Sapura Energy (SAPE); recovery in O&G capex is key re-rating catalyst.

The key laws governing oil and gas exploration in Myanmar are The Oilfields Act 1918, The Oilfield Rules 1936, The Petroleum Act 1934, The Petroleum Rules 1937, The Essential Supplies and Services Act 1947, The Petroleum Resources (Development Regulation) Act 1957, The Law Amending the Petroleum Resources (Development Regulation) Act 1969 and The Myanmar Petroleum Concession Rules 1962.

In line with its newfound fortunes and status as a presumptive heavyweight player in the global energy market, 2014 and 2015 have been important years for reforms to the legal and fiscal regime governing the extractive sector in Mozambique.

The main body responsible for management of the oil and gas sector is the National Oil Corporation (NOC). The NOC oversees all petroleum operations in the country in the upstream, midstream and downstream segments. The company also participates in upstream licences on behalf of the government. A wave of nationalisations in the 1970s has given the company a heavily dominant position in the industry.

In a world where national oil companies have successfully managed the process of generating upstream activity and revenues while leveraging the expertise of international oil companies, Ecuador has struggled to find a balance between its national interests and international shareholder expectations. This has rendered China an increasingly dominant player in Ecuador's extractive sector over the past several years.

参考《涛动周期轮》（周金涛）周期中的产业轮动分析，经济周期下行时期，建议重点关注能源板块。能源板块（油气、油服）：与能源价格直接相关，与市场的显著差异来源于价格周期。我们认为：油服有望成经济周期下行中的独立板块！油服与经济周期并不同步，与油价大趋势密切相关。

11 月 1 日布伦特原油价格达 72.89 美元/桶，周环比下跌 5.20%；WTI 原油 63.69 美元/桶，周环比下跌 5.41%，WTI 与布伦特原油之间价差为 9.20 美元/桶，周环比缩小 3.77%。 

随着炼油产业高速发展，精细化管理逐步推进，原油优化采购加工重要程度逐渐凸显。油化一体企业不仅要有先进、科学的计算机软件指导原油优化采购，而且还要结合装置适应性、原油海外运输拼装、国内调和输转条件，使优化采购方案以最经济的手段实施，最终在满足装置安全平稳生产的前提下，提高经济效益。

近年来，国际油价在一定时期内持续低位震荡，国际石油公司在此期间剥离境外炼油销售资产明显增多。中国炼化企业为获得更大境外市场份额，积极参与境外炼油及销售网络资产并购。鉴于炼油业务的行业特点，相关并购面临的风险具有一定特殊性。文章简要介绍了近年来低油价下境外炼油资产出售的背景，对并购过程中面临的主要风险和防控措施进行了分析，并提出了相关风险防控思路，在此基础上提出了中国炼化企业走出去开展相关并购的有关建议。

国内石油企业的物资储备管理存在着分散管理、分散储备以及分散采购等问题，部分企业回款较慢，无形中增加了石油企业物资集中储备管理的成本。随着国际石油市场的剧烈波动，国内石油企业的发展也受到了影响。应该对现有的物资集中储备管理模式进行创新，优化服务设计，加快物资储备人才队伍的建设。文章对石油企业物资集中储备管理中存在的问题及其管理模式创新方面的问题进行了总结，对相关工作的落实有所帮助。

分析了国内外天然气分布式能源的发展现状和前景；指出了我国发展天然气分布式能源存在的问题，并针对问题对我国发展天然气分布式能源提出了几点建议。

当前我国炼油能力稳步增长，原油一次加工能力达到了8.04亿吨/年，截至2017年底，我国原油加工量5.68亿吨。成品油质量升级已全面进入国Ⅵ阶段。炼化行业的发展进入了一体化、基地化发展的全新轨道。在看到我国炼油行业发展成就的同时，我们必须清醒地看到新形势下我国炼油行业面临诸多严峻挑战。未来炼油行业必须要在创新驱动的动力下加快推进清洁燃料加工技术、炼化一体化技术、天然气加工利用技术、炼化和现代煤化工技术耦合等的创新突破，高质量的完成炼油行业转型升级的重要任务，为实现全行业高质量发展作出贡献。