year 2020, social security (“SW”) revenue decreased by 7%. The decline was due mainly to the revocation of discharge type & complaint’s payment, the dwindling check-up items and the lower recorded rate

excess. In addition, the COVID-19 outbreak resulted in various refineries successively lowering production to coincide with dwindling demand. Dated Brent and Dubai spread (DTD/DB) average in Q1/2020

interests is a long and complex one. Indeed, some have suggested that it is too complex and confusing. This section is a brief high level attempt to provide insight into that complexity. In a broader sense

same ground. There is also potentially confusing differences and overlap between the SEA and PLCA. In spite of wide spread training and awareness raising, market participants may not always fully

pandemic. This led to various refineries cutting down on production to compensate for the dwindling demand, while the same quarter of the previous year, supplies were in a tight state. 10 Management

due to the appreciating US Dollar, after the FED raised interest rate 4 times during 2018 to the level between 2.25 to 2.50%, essentially dwindling crude oil demand from importing countries. Average

for the first time in 20 years. Gasoline / Dubai crack spread (UNL95/DB) in Q4/2018 was 4.92 $/BBL. When compared to Q3/2018 decreased by 6.60 $/BBL as a result of consecutively dwindling demand during

recorded slower growth from the same period of last year. The weakness was mainly attributed to dwindling exports hampered by the US-China trade war, the Thai Baht’s appreciation and global economic slowdown

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending March 31, 2020 The Thai economy in the first quarter of 2020 sank into a recession due to the COVID-19 pandemic. Economic activity was crippled almost across the board in light of lockdown measures implemented in several countries to contain the viral transmission. Financial markets went into a tailspin, whereas turbulence was seen in manufacturing, service and tourism sectors,...