Summit Notebook

Exclusive outtakes from industry leaders

Audio – $88 a barrel is good (and not so good) news for OMV

October 17, 2007

Wolfgang Ruttenstorfer, CEO OMVAre oil prices hitting a record high at $88 per barrel a good or a bad thing for an oil company?  

Well, for OMV — which has more conservative price estimate — it means that the company should see a positive effect on earnings, OMV Chief Executive Wolfgang Ruttenstorfer told the Reuters Central European Summit.

Yet it also could bring about a fierce battle on the cost side over the next two years.

To read a story on Ruttenstorfer’s take on recent oil price developments, click here. If you want to read the latest about OMV’s takeover battle for Hungary’s MOL and what MOL had to say, click here.

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