Thai energy conglomerate Bangchak Group is watching energy prices in the second quarter this year amid worries of a global recession, after posting a revenue increase of 16% in the first quarter.
“Crude oil prices are expected to continue facing pressure because of concerns that the global economy is heading for a recession, particularly in Europe,” said Chaiwat Kovavisarach, group chief executive and president of Bangchak Corporation Plc.
The World Bank said last year central banks’ interest rate hikes in response to high inflation could lead to a global recession in 2023.
Despite the sluggish…
