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ConocoPhillips: If Oil Prices Fall to $50 per Barrel, the United States Will Reduce Production
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ConocoPhillips: If Oil Prices Fall to $50 per Barrel, the United States Will Reduce Production
Oil production from low-permeability reservoirs will cease to grow by the 2030s unless an innovative method for developing such formations is invented, according to Ryan Lance, Chief Executive Officer of ConocoPhillips. According to Lance, if the price of oil remains in a comfortable range—between 65 and 75 U.S. dollars per barrel—the United States will be able to achieve modest production growth, reaching over 14 million barrels per day, up fro…
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