OMV is cutting its annual medium-term investment program amid concerns over low oil prices and production losses in Libya, which have hit the company's cash flow. The spending cuts mean the Austrian firm is also likely to miss its 2016 output target, it revealed on Thursday in announcing its third-quarter financial results for 2014. "In order to reflect a more challenging operating environment, especially the softness in the oil price together with the unpredictability of our Libyan production, which is adversely impacting the group's cash flow, we have decided to review the pace of our investment program for the next two to three years," OMV Chief Executive Gerhard Roiss said. This may lead to a delay in reaching the 2016 production target, the company said.
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