ConocoPhillips sees oil price floor rising to $70 per barrel

ConocoPhillips Chairman Ryan Lance predicted that the oil price floor will rise to about $70 per barrel, with a mid-cycle price range of $65 to $70 for US West Texas Intermediate crude. He made these remarks at the Energy Intelligence Forum in London on Monday, noting that the global oil system remained resilient despite the ongoing Middle East conflict.

Lance highlighted that US oil production could reach 14 million to 14.5 million barrels per day if prices stay near current levels. He also projected that global oil demand may not fully recover from the current crisis until 2028 or 2029, though demand is expected to continue growing afterward.

Addressing the strategic challenges for oil companies, Lance emphasized the need to identify sources of conventional oil production to meet rising demand. He noted that ConocoPhillips is currently prioritizing upstream investments over midstream ones.