ConocoPhillips Chairman Predicts Oil Price Floor at $70 per Barrel
ConocoPhillips Chairman Ryan Lance predicted that the oil price floor will climb to about $70 per barrel. He also anticipated a mid-cycle price range of $65 to $70 for the US West Texas Intermediate (WTI) benchmark. Lance made these remarks during the Energy Intelligence Forum in London on Monday.
He noted that the global oil system managed to withstand the challenges posed by this year's Middle East conflict without breaking down. Lance also suggested that US oil production could surpass 14 million to 14.5 million barrels per day if prices stay at their current levels.
According to Lance, global oil demand may not fully recover from the current crisis until 2028 or 2029. However, he expects demand to continue growing beyond that point. He highlighted the strategic challenge for companies like ConocoPhillips in finding sufficient conventional production to meet this rising demand.
Lance emphasized that ConocoPhillips is currently prioritizing upstream oil investments over midstream ones.