ConocoPhillips Chairman Predicts Higher Oil Price Floor Near $70
ConocoPhillips Chairman Ryan Lance anticipates a rise in the oil price floor to around $70 per barrel, with a mid-cycle price range of $65 to $70 for the US West Texas Intermediate (WTI) crude benchmark. Speaking at the Energy Intelligence Forum in London, Lance noted that while the global oil system faced strain due to this year's Middle East conflict, it did not collapse.
Lance projected that US oil production could surge to between 14 million and 14.5 million barrels per day if current price levels are maintained. He also forecasted that global oil demand might not fully recover from the current crisis until 2028 or 2029, though he expects demand to continue growing afterward.
Highlighting a key strategic question for oil companies, Lance emphasized the need to identify sources of conventional production to meet future demand. He revealed that ConocoPhillips is currently prioritizing upstream oil investments over midstream ones.