Houston’s Baker Hughes CEO says energy industry recovering, balance likely by 2022

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Houston’s Baker Hughes CEO says energy industry recovering, balance likely by 2022

Chief Executive of Baker Hughes, one of the world’s leading oil drilling rigs services providers, Lorenzo Simonelli, said late on Monday that a global energy industry which was roiled last year amid a steeper demand-crunch due to the pandemic crisis, has already been starting to recover with a balance seen likely by 2022.

In point of fact, speaking in the CERAWeek by IHS Markit, one of the world’s premium energy conferences, the head of energy services firm Baker Hughes Co Simonelli said late in the day, “As you look at supply and demand equation, we’re seeing that there will be a recovery in 2021 with an even more balanced market going into 2022”.

Investments in energy sectors likely to return by 2022, says Simonelli

On top of that, addressing to a sudden decline in oil demands last year, mostly stoked by a tug of war over marker shares alongside pandemic-led lockdowns that had trimmed investments in the sector by a substantial margin, Simonelli was also quoted saying in the conference that investments in the global energy industry would likely to be more normalized by 2022 as a rollout of a mass-scale pandemic vaccination campaign in a majority of G20 economies had divulged a glimmering beacon of economic recovery in a near term.

Meanwhile, as a number of major economies across the globe appeared to be leaning more and more towards a greener future, adding that the hydrocarbons would remain essential for offering energy to most part of the world, at the very least in a near term, Baker Hughes Chief Simonelli said, “2020 will be remembered as the year in which the energy transition increased at pace ...

But there are still over 1 billion without access to ongoing energy, and energy will be vital in the future, so we have to address energy transition but also affordable energy being available for people.