ConocoPhillips sees oil price floor rising to $70 a barrel, chairman says

SEATTLE (Oil Monster):  ConocoPhillips (COP.N) Chairman Ryan Lance said on ​Monday 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 the US West Texas Intermediate ​crude benchmark.

The global oil system bent, but ⁠didn't break, due to this year's ​Middle East conflict, Lance told the Energy ​Intelligence Forum in London on Monday.

US oil production could exceed 14 million to 14.5 million barrels per ​day if oil prices remain around ​current levels, he 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.

"The real ​strategic question ⁠for companies like mine is where is the conventional (production) going ​to come from to satisfy that ​growing ⁠demand," Lance said, adding that ConocoPhillips is currently more focused on upstream rather than ⁠midstream ​oil investments.

Courtesy: www.reuters.com