ConocoPhillips trimmed its 2024 production forecast amid Middle East tensions, citing uncertainty in the region. The Houston‑based oil major now projects daily output of 2.3 million to 2.33 million barrels of oil‑equivalent, down from the earlier 2.33 million–2.36 million range. The cut reflects the decision to omit Qatar from guidance after the country was removed from the company’s portfolio.

ConocoPhillips also revised its second‑quarter outlook, excluding Qatar and forecasting 2.19 million to 2.22 million barrels of oil‑equivalent per day. The adjustment follows a broader market slowdown and geopolitical risk that could dampen drilling activity. Investors will weigh the lower output target against the firm’s ongoing exploration and development commitments.

First‑quarter earnings slipped to $2.18 billion, or $1.78 a share, down from $2.85 billion and $2.23 a share a year earlier, reflecting lower margins and higher input costs. The downgrade signals a cautious stance from a major U.S. producer, potentially tightening liquidity for downstream partners and influencing benchmark pricing.

The revised figures arrive as global oil demand steadies and inventories rise, tightening the supply curve. Analysts warn that lower U.S. output may shift market share toward producers in the Middle East and Africa, affecting refinery input costs and tightening the spread between crude and gasoline prices. ConocoPhillips’ decision may prompt competitors to reevaluate their own production plans.