OMV's new chief executive says low fuel stocks will keep global refining markets tight
Low oil and fuel stocks will prolong the impact of supply disruptions on global refining markets, OMV chief executive Emma Delaney has said, as the Austrian energy company benefits from elevated margins following months of turmoil in the Middle East. Speaking to The National in an exclusive interview on the sidelines of Adipec in Abu Dhabi, the former BP executive said refining margins were “at…
OMV's new CEO, Emma Delaney, has stated that low fuel stocks are contributing to tight global refining markets, as the Austrian energy company benefits from elevated margins following turmoil in the Middle East. Delaney, who became OMV's first female CEO on September 1, noted that refining margins are "at very elevated levels this year," particularly in the third quarter.
She emphasized that low stocks, including in some markets at historic lows, mean that supply disruptions will take time to work through the market. The Iran war, now in its ninth month, continues to constrain flows through the Strait of Hormuz, driving up energy prices and disrupting supply chains.
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