OMV cuts 2014 production target on Libya uncertainty

VIENNA: Austrian oil and gas group OMV cut its 2014 production target on Tuesday, saying the security situation in Libya, where output has been halted since mid-March, was hard to predict.

Reporting in-line first-quarter operating profit, OMV said it now expected to produce 310-330,000 barrels of oil per day equivalent (boe/d) this year, down from its previous target of 320-340,000.

It said the lower end of the target represented no production from Libya from now on, and the upper end a return to normal levels.