May 8 (Reuters) - Canadian oil and gas producer Cenovus

Energy ( CVE ) on Thursday posted a fall in first-quarter

profit amid market volatility.

Benchmark Brent crude prices averaged $75.16 a

barrel during the January-March quarter, 8.2% lower than a year

earlier, weighed down by weak global demand and increased oil

supply from OPEC+.

CEOs of Canadian oil and gas producers, including

Cenovus' Jon McKenzie, had said earlier in April they are

seeking to

avoid

making abrupt decisions about spending or production, with

oil prices hitting four-year lows and recession fears growing.

However, Cenovus reported higher total upstream production

and downstream throughput in the first quarter, compared with a

year ago.

The Calgary, Alberta-based company's net income fell to

C$859 million ($618.79 million), or 47 Canadian cents per share,

in the three months ended March 31 from C$1.18 billion, or 62

cents per share, a year earlier.

($1 = 1.3882 Canadian dollars)