ConocoPhillips Chairman Sees Oil Price Floor Rising to $70
ConocoPhillips Chairman Ryan Lance expects the oil price floor to rise to around $70 per barrel, with a mid-cycle price of $65 to $70 for US West Texas Intermediate crude. He made these comments at the Energy Intelligence Forum in London on Monday. Lance noted that while the global oil system faced challenges this year due to Middle East conflict, it did not break.
He predicted US oil production could surpass 14 million to 14.5 million barrels per day if current price levels are maintained. Looking ahead, he estimated it could take until 2028 or 2029 for global oil demand to fully recover from the current crisis, with continued growth expected afterward.
Lance highlighted a key strategic question for oil companies: where the conventional production will come from to meet rising demand. He stated that ConocoPhillips is currently prioritizing upstream oil investments over midstream ones.