Austrian energy company OMV said in a trading statement that it expects its indicative refining margins would double in the third quarter, while its refinery utilisation would increase by six percentage points to 91% in the third quarter, compared to the previous three-month period. OMV estimates its refining margin indicator in Europe at $4.43 per barrel in Q3, compared to $2.21 per barrel in Q2 and 87 cents per barrel in Q3 2020.
Meanwhile, the company’s upstream liquids and gas production is estimated at 198,000 boepd and 272,000 boepd, respectively, in Q3, a slight decrease from Q2. OMV’s total hydrocarbon output rose by 6% year-on-year in the first nine months of 2021, outstripping 2020’s full-year level of 463,000 boepd. OMV has been acquiring assets in the UAE in recent years, which has helped it boost output despite OPEC+ supply restrictions.
