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Austrian energy major, OMV today registered a net loss for the first quarter, attributing the downfall to significant inventory costs and reduced its production target and crude price forecasts. OMV lost $74 million in the first quarter through March, corresponding to a profit of 496 million in the first quarter of 2019. The firm anticipated its 2020 output at 440,000 boed instead of previously estimated 500,000 boed.
