Geopolitical risks worst in 50 years, warns oil services boss [View all]

Geopolitical risks are at their highest level in half a century, the head of one of the world’s biggest oilfield services companies has said, raising concerns about energy supplies and helping to fuel a boom in liquefied natural gas.

“From a historical context I’ve heard people say, you go back to the oil embargo of 1973 — that being somewhat similar,” said Lorenzo Simonelli, chief executive of Baker Hughes, in an interview with the Financial Times. 

“But in my tenure, no [the geopolitical climate has not been this fragile],” he added. “This is, from a political standpoint, very fluid.”

His comments come as the conflict between Israel and Hamas in the Middle East adds to an already febrile geopolitical environment as Russia’s full-scale invasion of Ukraine nears the end of its second year. 

https://www.ft.com/content/431fccf7-7692-441f-b20f-d2fdfbd04f2c