ConocoPhillips Sees Oil Price Floor Rising to $70

ConocoPhillips Chairman Ryan Lance predicted on October 5 that the floor for crude oil prices will climb to around $70 per barrel (¥11,000). He also forecasted that the mid-cycle price for West Texas Intermediate (WTI), the U.S. crude benchmark, would settle between $65 and $70 (¥10,000, ¥11,000). Lance shared these insights at the Energy Intelligence Forum in London, noting that despite the impact of this year’s Middle East conflict on global oil systems, the market did not experience a collapse.

The chairman suggested that if crude prices stabilize near current levels, U.S. oil production could surpass 14 million to 14.5 million barrels per day. He acknowledged that global oil demand may not fully rebound from the current crisis until 2028 or 2029 but emphasized that long-term demand growth remains unthreatened. "The real strategic challenge for companies like ours is where to source traditional [production] resources to meet that growing demand," Lance stated.

ConocoPhillips is prioritizing upstream investment in its oil business over midstream investments, reflecting a strategic shift in response to evolving market conditions.