ConocoPhillips' Chairman Says Oil's Price Floor Is Rising to $70 a Barrel. Here's What That Means for Oil Stocks.
The Iran war and broader Middle East conflict have changed the trajectory of oil prices.
Overview
In mid- to late-2025, the U.S. Energy Information Administration (EIA) was quite bearish on oil, forecasting that a barrel of Brent crude would hit $50 by early 2026.
Not only did that not come to fruition, as we all know, but oil may not get that low for a very long time, if ever, according to ConocoPhillips (NYSE:COP) Chairman Ryan Lance.
Details
At a forum in London, Lance said he sees the floor on oil prices at around $70, according to Reuters. He also expects the mid-cycle price to be around $65-$70 per barrel for West Texas Intermediate (WTI) crude oil, the benchmark for U.S. oil.
Source
Originally published at www.fool.com.
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