Baker Hughes reports normal operations in Middle East

All the facilities of energy services firm Baker Hughes (BKR.O), opens new tab, are operating normally in the Middle East, chief executive Lorenzo Simonelli told Reuters on the sidelines of the Energy Asia conference on Monday.
 
"Currently, all of our employees are safe, and the facilities continue to run and operate," he said. "Hopefully there's a de-escalation of tensions", he stated to Reuters.
 
He adopted a more cautious stance on the possibility of oil supply disruptions due to the escalation of the Israel-Iran conflict, saying, "It's a little early, and we've got to monitor the situation."
 
"What we know is that demand is resilient, and we continue to see strong demand, and ... if there are constraints in supply from one region, it will drive the supply opportunities from other regions," he added.
 
Meanwhile, RBC Capital Markets analysts noted that Middle Eastern oil supplies face increased risks due to the conflict between Israel and Iran, according to Bloomberg.

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