remains high, despite the Organization of the Petroleum Exporting Countries (OPEC) and their allies strictly enacting their oil production reduction plan. The agreement between OPEC and their allies states

down by 0.2% to 3.5%. Furthermore, US crude oil stock has been increasing gradually, threatening the price of crude oil after crude production in the US reached their all-time high of 12.1 million

recorded an increased revenue coinciding with global crude oil price, leading to increased gross profit, but saw production and sales volume decrease according to the Natural Decline Curve. There was also

cost following the widened average DTD/DB spread. Further, crude oil price significantly drop during the year end, led to the refinery business to record Inventory Loss of THB 1,489 million Management

OPEC members to lower the production quantity of crude oil, as to stabilize crude oil price. As well as Saudi Arabia’ s desiring to keep oil price at high levels, the rise in oil price levels is

effect of the widened Crude premium over Dubai, as well as the lowered oil product spread over crude oil price. There was an Inventory Loss of THB 70 million, and GRM hedging loss. Marketing Business Group

the previous quarter, average Dubai crude oil price in Q2/2017 decreased by 3.35 USD/BBL, pressured by the high crude reserve levels in the US. US crude oil production has the tendency to rise from the

remains high, and gross refinery margin improved from the increase of crack spread for all products, along with a record of inventory gain from rising average crude oil price during the quarter. Marketing

speculate that this new round of sanctions will reduce crude oil volume by 600,000 – 1,500,000 barrels per day; from the record high figures of crude oil exported by Iran in April 2018 at 3. 09 million

included (Reversal of) losses on inventories devaluation (NRV) 2/ Sales volume does not include oil swaps between major oil companies (petroleum traders in accordance with section 7) and sales of crude oil