Baker Hughes CEO: Venezuela's crude oil production may gradually increase over the next five years, but a significant rise will require deep reforms.

The CEO of Baker Hughes Oilfield Services stated that Venezuela can gradually increase its oil production in the short term, but in order to truly significantly restore the country's oil production, comprehensive and profound reforms are needed. Baker Hughes CEO Lorenzo Simonelli said on Thursday: "As the environment gradually opens up, as long as there is a suitable regulatory framework, adequate safety measures, well-established operating procedures, and reliable payment guarantees in place, we are willing to re-engage deeply." However, as Baker Hughes increasingly focuses on industrial and energy technology businesses, patience is needed for investments in Venezuela. He said: "This requires time and capital investment. If there is a suitable atmosphere, environment, and institutional arrangement, it is not impossible for Venezuela to achieve gradual growth in oil production in the next five years."