Baker Hughes On Wednesday, it posted a wide-ranging loss in its second quarter, as the oilfield services company faced component shortages, rising supply-chain costs and suspension of Russian operations.
chief executive officer Lorenzo Simonelli Said that the next year or so will be a unique situation for oil markets. While the demand outlook is crumbling due to high inflation and rising interest rates, he said years of low investment globally and the need to replace Russian oil production mean oil prices could hold up.