September 3, 2019 / 4:05 PM / 16 days ago

GE's Baker Hughes sees range-bound oil prices for foreseeable future

FILE PHOTO: A screen displays the logo for Baker Hughes, a GE company on the floor at the New York Stock Exchange (NYSE) in New York, U.S., June 24, 2019. REUTERS/Brendan McDermid

(Reuters) - Oil prices are likely to remain range-bound for the “foreseeable future” and there will be little spending growth in North American oil and gas fields in the near to medium term, Lorenzo Simonelli, chief executive of General Electric Co’s Baker Hughes said on Tuesday.

The oil services company has begun re-evaluating its business portfolio to adjust to current market conditions and prepare for a lower carbon energy future, Simonelli told investors at a Barclays energy conference in New York. GE’s Baker Hughes is a major supplier to liquefied natural gas (LNG) projects, and Simonelli said natural gas will play a key role in that transition.

Reporting by Liz Hampton; Editing by Tom Brown

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