OMV expects to offset the impact of the conflict through a surge in energy prices
The Austrian oil and gas group OMV stated that rising energy prices, driven by escalating tensions in the Middle East, will help offset the impact of oil and gas market fluctuations on its sales. The company experienced a 21.5% increase in the average price of natural gas in the second quarter, alongside a rise in the price of a barrel of oil from $72.30 to $97.80 during the period from April to June, boosting its revenues amid regional challenges. The company anticipates that improvements in the production mix and increased refining consumption will help overcome the negative effects of geopolitical disruptions.
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