OMV Drops as Social Unrest Halts Libya Production: Vienna MoverAlexander Weber
OMV, central Europe’s biggest oil company, fell the most in two weeks after it said production in Libya has been halted because of civil unrest.
The shares fell as much as 4.2 percent and traded 1.34 euros lower, at 34.33 euros a share, at 3:44 p.m. local time in Vienna. It was the biggest intraday drop since June 24.
“Due to the current political situation in Libya, most of OMV’s production in the country has been shut-in since June 25,” the company said in an e-mailed statement today. Libya supplied about 30,000 barrels of oil equivalent a day in 2012, equivalent to about a 10th of total production, OMV said.
Oil production in the North African country dropped 16 percent last month to the lowest level since January, according to data compiled by Bloomberg. The decline is partly due to power shortages, which, as of late, add to civil protests and violent attacks the industry is facing since the overthrow of Muammar Qaddafi in 2011.