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Baker CEO Stated about Oil and Gas Industry Current situation

2017-11-15 | 10pm

Since June 2014, there is consistent drop in oil price as it collapsed from nearly $120 a barrel which led to the cost cutting along with seeking new paths to increase efficiency. Recently the CEO of Baker Hughes, a GE company, stated that continuous disruption is 'new normal' for oil and gas industry. According to Lorenzo Simonelli, CEO of Hughes, “We have to look at disruption as being our friend.” He further added that this should be taken positively. During the Abu Dhabi International Petroleum Exhibition Conference (ADIPEC), Simonelli added, “The new normal is continuous disruption, we need to take out all the inefficiency and instead our industry needs transparency and visibility.” The major cause behind this huge drop in prices was weak demand, a strong dollar and booming U.S. shale production. Simonelli also added as compare to the aviation industry, oil gas sector was around two to three times more inefficient. He also added that it is high time that companies would need to "work together" in future. He also warned, “We can't go back to the old way of doing things like drunken sailors.” On Monday, General Electric (GE) CEO John Flannery also give clear signs that is considering to sell off its majority share in Baker Hughes, which is different traded company created by the merger of oil and gas unit of GE and oilfield services firm Baker Hughes. GE Oil & Gas was popularly known as an equipment manufacturer, whereas Baker Hughes has specialization in horizontal drilling and hydraulic fracturing. On Tuesday morning, Brent crude traded at around $62.95 a barrel, down 0.33 percent, while U.S. crude was around $56.58 a barrel, up 0.32 percent. .