Devon Energy expects US crude oil to be priced between $60 and $80 per barrel in the near future
The benchmark U.S. WestTex Intermediate (WTI), crude oil, will be $60-$80 a barrel for the foreseeable future. This was what Devon Energy's Chief Executive Officer told attendees of an energy conference held in Dallas on Tuesday.
This price forecast falls within the range of U.S. crude oil prices that have been traded throughout the majority of this year. On Wednesday, it settled at $68.43 per barrel.
Richard Muncrief, CEO of Devon in Oklahoma City, said that crude demand will grow modestly by 2025, compared with 2024. He was speaking at a conference organized by the Federal Reserve Banks of Dallas & Kansas City.
He predicted that the price of crude oil would rise after the election of Donald Trump as the new U.S. president and the change in administrations.
He added, "Hang on to your hat without a question".
Trump's policies could benefit the industry by providing tax incentives to encourage capital investment in exploration.
Citi Note
Last week.
The American Petroleum Institute, the nation's largest oil and gas trade association, held its annual meeting on Tuesday.
Trump's new administration will do away with
Vehicle emissions standards
Lift a
Export permits halted
Work with Congress on repealing the law and establishing liquefied gas facilities
A fee on emissions of methane
From drilling operations. (Reporting and editing by David Gregorio in Houston, Georgina McCartney from Houston)
(source: Reuters)
