ConocoPhillips CEO Says Oil Price Floor Could Rise to $70

ConocoPhillips Chairman and CEO Ryan Lance said the oil price floor could rise to about $70 a barrel, with a mid-cycle U.S. West Texas Intermediate range of $65 to $70. Speaking at the Energy Intelligence Forum in London on Monday, October 5, 2026, he said the global oil system withstood this year's Middle East conflict without collapsing. If prices stay near current levels, U.S. oil production could exceed 14 million barrels per day and approach 14.5 million, he said. Lance said global oil demand may not recover until 2028 or 2029, though he expects growth to continue afterward. Meeting future demand will mean securing conventional crude. "The real strategic challenge for companies like ours is where to source traditional [production] resources to meet that growing demand," Lance said. ConocoPhillips is prioritizing upstream investment over midstream activity.