Baker Hughes: Geopolitical Risks Are At The Highest Since 1973 Oil Embargo
“From a historical context I’ve heard people say, you go back to the oil embargo of 1973 - that being somewhat similar,” Baker Hughes CEO Lorenzo Simonelli told FT in an interview.
Tyler Durden
By Tsvetana Paraskova of OilPrice.com
"The world faces the highest geopolitical risks since the 1973 oil embargo, the chief executive of one of the largest oilfield service providers, Baker Hughes, told the Financial Times.
'From a historical context I’ve heard people say, you go back to the oil embargo of 1973 — that being somewhat similar,' Baker Hughes CEO Lorenzo Simonelli told FT in an interview.
The Russian invasion of Ukraine and the conflict in the Middle East could threaten further instability in the oil and gas markets, Simonelli noted.
The risks are stoking demand for LNG [Liquid Natural Gas], a key growth area for Baker Hughes."