Drilling wells but deferring completions may be a factor in oil price volatility in the next several years and potentially even delay the industry’s recovery, the CEO of ConocoPhillips said Monday. Even as signs are at hand that prices may be on the verge of rising, with estimated official oil production levels showing signs of flattening or slight declines, the industry has the potential to quickly bring back online large volumes of crude production, which could tamp down prices. “We’re in a bit of a more volatile world [because of] the ability of North America to respond to price signals both ways,” Ryan Lance said during a news conference the opening of IHS CERAWeek in Houston. “If you get a price signal, you’ll see more supply come on,” Lance said. “That certainly has the opportunity to exacerbate the problem depending on where demand is.” Article continues below… Oilgram News […]