Baker Hughes chief executive Lorenzo Simonelli struck a tone of vigilance but calm in an interview at Gastech in Milan, underscoring the risks of geopolitics while downplaying the likelihood of another energy price shock in Europe.
The global energy company’s assets and operations remain stable despite escalating tension between Israel and Qatar, Mr Simonelli said.
“It’s a dynamic situation, not just in the last 24 hours but over the past six months,” he said. Baker Hughes remains “vigilant and nimble” as events unfold, he added.
He voiced hope for moderation and a measured de-escalation in retaliation risks.
Turning to Europe, Mr Simonelli contrasted the current energy landscape with the crisis of 2022, when Russia’s invasion of Ukraine sent gas prices surging.
“There’s a lot of available natural gas,” he said, pointing to ample pipeline flows from North Africa.
He does not expect a “massive blowout in prices”, describing the market as far more balanced than three years ago.
His comments came as European leaders sounded alarms over regional security. Poland’s prime minister warned Europe has not been this close to open conflict since the Second World War.
In Milan, US Energy Secretary Chris Wright pitched America as a reliable partner for Europe and the world in LNG supplies, even if reliability comes at a premium.
Mr Simonelli echoed that sentiment, saying Europe values US LNG for its abundance and dependability.
On oil, he was sanguine about price volatility, expecting crude to remain rangebound between $60 and $80 a barrel.
“This is the era we live in,” he said, and he would not panic if prices slip below $60.
The Middle East and Asia remain central to Baker Hughes’ growth strategy and Mr Simonelli acknowledged pressure on Saudi Aramco’s capital spending, with some projects facing delays.
However, operating expenditure continues and additional Opec+ barrels released since April are being easily absorbed by demand growth, he explained.
For Mr Simonelli, the message was clear: geopolitics may be unsettled, but Baker Hughes will remain watchful, adaptable, and steady in navigating energy’s shifting landscape.
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The five pillars of Islam
GREATEST ROYAL RUMBLE CARD
The line-up as it stands for the Greatest Royal Rumble in Saudi Arabia on April 27
50-man Royal Rumble
Universal Championship
Brock Lesnar (champion) v Roman Reigns
Casket match
The Undertaker v Rusev
Intercontinental Championship
Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
SmackDown Tag Team Championship
The Bludgeon Brothers v The Usos
Raw Tag Team Championship
Sheamus and Cesaro v Bray Wyatt and Matt Hardy
United States Championship
Jeff Hardy (champion) v Jinder Mahal
Singles match
Triple H v John Cena
To be confirmed
AJ Styles will defend his WWE World Heavyweight title and Cedric Alexander his Cruiserweight Championship, but matches have yet to be announced
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
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How to help
Donate towards food and a flight by transferring money to this registered charity's account.
Account name: Dar Al Ber Society
Account Number: 11 530 734
IBAN: AE 9805 000 000 000 11 530 734
Bank Name: Abu Dhabi Islamic Bank
To ensure that your contribution reaches these people, please send the copy of deposit/transfer receipt to: juhi.khan@daralber.ae
MATCH INFO
Europa League final
Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports
More from Rashmee Roshan Lall
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MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
More from Neighbourhood Watch:
Mohammed bin Zayed Majlis
Mohammed bin Zayed Majlis
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
Wydad 2 Urawa 3
Wydad Nahiri 21’, Hajhouj 90'
Urawa Antonio 18’, 60’, Kashiwagi 26’
MATCH INFO
Tottenham 4 (Alli 51', Kane 50', 77'. Aurier 73')
Olympiakos 2 (El-Arabi 06', Semedo')
Rock in a Hard Place: Music and Mayhem in the Middle East
Orlando Crowcroft
Zed Books
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
