OMV Petrom (SNP) will report improved financial results for the first nine months of the year, analysts say, as oil prices have risen to an upward trend internationally since the beginning of the year. After the first nine months, both the Brent and West Texas Intermediate (WTI) quotations climbed by over 20%.

It is an evolution that fueled the rise in the price of SNP this year, the titles rising recently to a maximum of 0.3955 lei / unit, a level that the issuer’s quotation has not reached since May 2015, according to Bursa newspaper.

Maria Vlad, a financial analyst at the BRK Financial Group, believes that “OMV Petrom will report rising results for the first nine months of this year and for the third quarter of 2018, due to a 44% increase in the average Brent crude oil price, respectively by 51% of the average price of crude oil (WTI, e.n.) compared to the third quarter of 2017”.

Although OMV Petrom published its key indicators for the third quarter of 2018, showing total hydrocarbon production declining by 4%, this will most likely be offset by the rise in the barrel oil price.

“Although the OMV CEO has announced that he will postpone next year the investment decision in the Black Sea because of the delayed adoption of the Offshore Law on Black Sea Gas Exploitation, we remain optimistic about the future evolution of SNP’s actions. Of course, it must be taken into account that the news about the Black Sea investment was already incorporated into the price of the SNP action, so we pay attention to the reaction of its price in the market as this decision was postponed”, said BRK Financial analyst Group.

According to Interfinbrok, the Black Sea investment decision taken by OMV’s majority shareholder may have a short-term effect on the SNP’s quote, but solid financial results are a support point for the issuer’s shares.