Devon Energy sees US crude oil at $60-$80 per barrel for foreseeable future (updated)

Citi Trends

13/11/2024 22:19

(Adds detail in paragraphs 2-5)
    By Georgina McCartney
       HOUSTON, Nov 13 (Reuters) - 
    Benchmark U.S. West Texas Intermediate (WTI) crude oil will
cost $60-$80 per barrel in the foreseeable future, shale
producer Devon Energy's  DVN.N  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.  O/R 
  
    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)
 ((Georgina.McCartney@thomsonreuters.com;))