ConocoPhillips Chairman Sees Oil Price Floor Rising Toward $70 per Barrel

Global oil prices are expected to establish a higher baseline, with ConocoPhillips Chairman and Chief Executive Ryan Lance projecting an oil price floor rising toward $70 per barrel. Speaking in London, Lance indicated that the mid-cycle price for U.S. West Texas Intermediate crude will likely settle between $65 and $70 per barrel, driven by structural demand and higher production costs. Lance also estimated that total U.S. crude output could exceed 14.0 million to 14.5 million barrels per day if current prices persist, while complete global oil demand recovery may extend until 2028 or 2029.