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ConocoPhillips Exec Sees Global Oil Demand Rebounding to 100 MMBO/d; 2021 Outlook

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   |    Thursday,September 24,2020

A senior exec from ConocoPhillips predicts that oil demand will recover to 100 million BPD worldwide after grappling with historic lows due to COVID-19 and other factors, according to a report by Reuters.

The executive, who was identified by name, did not give any information regarding the timeline for such a recovery.

Looking to 2021, Conoco Senior VP Dominic Macklon told Raymond James that the company would be spending less than $6.6 billion next year (which was the budget originally planned for 2020, which has since been cut to $4.3 billion).

Macklon cited "quite a bit of [market] uncertainty" as the reason for the conservative spending plan.

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