ConocoPhillips sees oil price floor rising to $70 a barrel, chairman says
COP•ConocoPhillips Chairman Ryan Lance expects the oil price floor to rise to around $70 per barrel and sees a mid-cycle price of $65 to $70 for WTI crude. He said U.S. production could exceed 14 million to 14.5 million barrels per day if prices remain around current levels.
1. Oil price outlook
ConocoPhillips Chairman Ryan Lance said he expects the oil price floor to rise to around $70 per barrel and sees a mid-cycle price of $65 to $70 per barrel for WTI crude. He said the global oil system bent but did not break due to this year's Middle East conflict.
2. Demand and investment
Lance said it could take until 2028 or 2029 for global oil demand to recover from the current crisis, with nothing to stop demand from continuing to grow thereafter. He said U.S. oil production could exceed 14 million to 14.5 million barrels per day if prices remain around current levels, and that ConocoPhillips is more focused on upstream than midstream oil investments.
