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Geopolitical Risks in Oil Market Highest Since 1973 Oil Embargo: Baker Hughes

ENERGY

The world is facing the highest geopolitical risks since the 1973 oil embargo, Baker Hughes CEO Lorenzo Simonelli told the FT.

  • The Israel-Hamas conflict had not currently changed the supply-demand outlook for crude he said.
  • “Base case is that this is hopefully contained within the situation that it is currently — sad as it is — and things continue to be tight,” he said. “But clearly, if there’s a worsening and deterioration and an escalation of the situation, things will change.
  • Russia’s invasion of Ukraine continues to stoke risks across energy markets and has been a key driver of demand for LNG and diversified supply.
  • “I think Europe has been shown the difficulties of being so dependent on one energy source,” Simonelli said.
  • Simonelli said that Russian pipeline gas is unlikely to return as a competitor to LNG in the short term, even if the conflict in Ukraine ends.
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