((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
(Adds details in paragraphs 2-5) by Georgina McCartney
U.S. benchmark West Texas Intermediate (WTI) crude oil will cost between $60 and $80 a barrel for the foreseeable future, the chief executive of shale producer Devon Energy DVN.N told an energy conference in London. Dallas Wednesday.
This price forecast is within the range where U.S. crude has traded for most of the year. It stood at $68.43 per barrel on Wednesday.
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Crude demand is expected to see modest growth in 2025 compared to 2024, added Richard Muncrief, chief executive of Oklahoma City-based Devon, 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 US President-elect Donald Trump and the change in administration.
“This will definitely be a time to hold on to your hat,” he added.
Trump's policies could favor the industry through potential tax incentives for capital investments in exploration and production, Citi noted last week.
The American Petroleum Institute (API), the nation's leading oil and gas trade group, on Tuesday urged Mr. Trump's new administration to abandon vehicle emissions standards, lift the pause on permits for export for liquefied natural gas facilities and to work with Congress to repeal a tax on methane emissions from drilling operations.
