Conoco CEO sees Return to $40s Unlikely, Demand Growth Doubling

Reuters

VIENNA, June 4 (Reuters) - ConocoPhillips Chief Executive Ryan Lance speaking on Thursday at OPEC's seminar in Vienna:

"We do see demand rising slightly so it does provide some support for prices."

"It is hard to envision it (the oil price) going back down to the $40s."

"We see world restoring demand (growth) to 1.1 or 1.2 million bpd...double what it was over the past few years".

On U.S. shale production outlook: "If prices stabilize or improve a bit you will see rigs come back into 2016 and 2017."

U.S. tight oil industry "will survive at $100 and it will survive at $50 or $60 Brent pricing too."

 

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