Benchmark U.S. West Texas Intermediate (WTI) crude oil will cost $60-$80 per barrel in the foreseeable future, shale producer Devon Energy’s chief executive officer told attendees at an energy conference in Dallas on Wednesday.
That price forecast is within the range where U.S. crude has traded for much of the year. It settled at $68.43 a barrel on Wednesday.
Crude demand is set for modest growth in 2025 compared to 2024, Oklahoma City-based Devon CEO Richard Muncrief added, speaking at the conference hosted by the Federal Reserve Banks of Dallas and Kansas City.
He predicted more price volatility in crude markets following the election of U.S. President-elect Donald Trump and the change of administrations.
“It’s going to be a hang on to your hat time without a doubt”, he added.
Trump’s policy could favor the industry through potential tax incentives for capital investment in exploration and production, Citi noted last week.
The American Petroleum Institute (API), the nation’s top oil and gas trade group, on Tuesday urged Trump’s incoming administration to do away with vehicle emissions standards, lift a pause on export permits for liquefied natural gas facilities and work with Congress to repeal a fee on methane emissions from drilling operations.
(Reporting by Georgina McCartney in Houston; Editing by David Gregorio)