Energy industry starting to recover, balance likely by 2022 – Baker Hughes CEO
By Reuters Staff on 03/01/2020
NEW YORK (Reuters) – The energy industry is already starting to recover from one the worst years in recent history after the coronavirus pandemic roiled global markets, Baker Hughes Chief Executive Lorenzo Simonelli said on Monday during CERAWeek by IHS Markit.
“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,” said Simonelli, the head of energy services firm Baker Hughes Co.
The energy industry was rocked by a collapse in oil demand in 2020 due to coronavirus-related lockdowns, forcing producers and refiners to curtail investments and output.
However, as vaccines are rolled out and the global economy shows glimmers of a recovery, investments in the energy sector are likely to return by 2022, Simonelli said.