ConocoPhillips Chairman Predicts $70 Oil Price Floor

ConocoPhillips Chairman Ryan Lance has forecasted that the floor for oil prices will rise to around $70 per barrel, with a mid-cycle price of $65 to $70 for the US West Texas Intermediate crude benchmark. Speaking at the Energy Intelligence Forum in London, Lance noted that the global oil system endured but did not collapse due to the Middle East conflict this year.

He predicted that US oil production could surpass 14 million to 14.5 million barrels per day if current price levels are maintained. Lance also suggested that it may take until 2028 or 2029 for global oil demand to fully recover from the current crisis, with demand expected to grow steadily afterward.

Lance highlighted a key strategic question for companies like ConocoPhillips: identifying the sources of conventional oil production to meet this rising demand. He emphasized that the company is currently prioritizing upstream investments over midstream ones.