OMV sees no turnaround of refineries in 2021

Austrian oil and gas group OMV expects a recovery in the oil price in 2021 after its 2020 results were hit by the coronavirus pandemic although it does not see an improvement in the utilization rate of European refineries.

OMV said on Thursday that its fourth-quarter operating profit fell by a third to 524 million euros ($629.38 million) on revenues down 18% to 4.956 billion euros as pandemic-related travel restrictions keep a lid on fuel demand.

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