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Post Event Report 2016

OMV’s CEO Rainer Seele on EU-Russia cooperation and corridors to ensure European Security of supply

The gas markets have changed fundamentally – in Europe and globally Not so much political conflicts or geopolitics but market parameters are determining the price. The market keeps prices low, letting the oil price literally crash and maintaining also the gas price at a low level. At historically lows for both for gas and oil. The markets are forcing the companies to change their strategies. Only those who permanently trim on profitability, who have the costs under control, who opt for flexibility will survive. The formerly high prices of the market have triggered the boom of shale gas. The low prices force the adjustment of investments up to massive disinvestments in the oil and gas industry. The market is consistent and sometimes brutal.

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