ConocoPhillips Sees Oil Price Floor Rising to $70 Per Barrel

ConocoPhillips Chairman Ryan Lance expects the floor for oil prices to rise to around $70 per barrel, with a mid-cycle price range of $65 to $70. He made these comments at the Energy Intelligence Forum in London on Monday. Lance noted that the global oil system remained resilient despite this year’s Middle East conflict, though it faced significant strain.

He projected that U.S. oil production could surpass 14 million to 14.5 million barrels per day if prices stay near current levels. However, he cautioned that a full recovery in global oil demand may not occur until 2028 or 2029, with growth likely to continue afterward.

Lance highlighted a critical question for companies like ConocoPhillips: where future conventional oil production will come from to meet rising demand. He emphasized that the company is currently prioritizing upstream investments over midstream projects.