OMV expects energy price gains to cover war losses

However, production fell to 288,000 barrels of oil equivalent per day, down from 300,000 barrels in the previous quarter, the group said.

OMV said it expected interruptions to the flow of crude oil to reduce first-quarter earnings by roughly €100 million ($117 million) compared to the previous three months. It also flagged a further €150-million hit to earnings mainly due to lower margins in its retail and commercial businesses.

The ceasefire announced by US President Donald Trump on Tuesday is contingent on Iran pausing its blockade of the Strait of Hormuz. Around 130 million barrels of crude oil and 46 million barrels of refined fuels are currently floating on roughly 200 tankers in the region, according to data from analytics firm Kpler.

(Reporting by Danny Callaghan and Bernadette Hogg in Gdansk; editing by Milla Prussak-Nissi)