Trump to meet top oil executives as the industry pushes for higher prices

President Trump will meet with top oil executives at the White House to discuss strategies to boost domestic energy production in the face of falling crude prices and looming trade wars.

This will be his first meeting with the oil and gas executives since returning to the White House for a second term as the president in January. 

Oil executives prepare to press Trump on trade wars at exclusive API meeting

A source with knowledge of the confidential event’s planning stated that the meeting will include American Petroleum Institute’s (API) executive committee members.

Public biographies provided a list of some top executives from the trade group’s executive committee, including CEOs of major oil companies: Darren Woods, CEO of ExxonMobil; Mike Wirth, CEO of Chevron; Ryan Lance, CEO of Conoco; Phillips Mark Lashier, CEO of Phillips 66 and Maryann Mannen CEO of Marathon Petroleum.

In addition, the source claimed that the meeting would be a “victory lap” for Trump’s early backing of the sector. However, executives are also expected to voice their concerns about Trump’s trade wars, emphasizing the essence of higher oil prices to achieve the president’s promise to grow domestic production.

Earlier, Trump addressed his agenda as “drill, baby, drill.” The slogan supported increased drilling for petroleum and gas as additional energy sources and gained further prominence.

However, Wall Street expected U.S. oil and gas companies to continue concentrating on producing shareholder returns, limiting spending in 2025.

An energy economist at the University of Houston, Ed Hirs, said, “The best way to maintain oil production and energy independence is to support a higher oil price.” He added,  “Drill-baby-drill is not the way forward. And so I think they’ll try to make that point to him tactfully.”

Partly by loosening environmental regulations and accelerating the permitting process, Trump and his supporters came to office to lower energy costs for Americans suffering from inflation and increase the already record U.S. oil production by up to 3 million barrels per day.

A leading global analyst at energy analytics firm, Wood Mackenzie predicted benchmark Brent oil prices would average $73 per barrel in 2025, down $7 per barrel from 2024 due to U.S. tariff policies and OPEC+ plans to boost output.

API spokesperson Bethany Williams reaffirmed earlier remarks that the trade group valued the chance to talk about how the sector boosts national security and drives economic growth. Meanwhile, the White House did not respond to a request for comment.

Furthermore, the API openly opposed Trump’s trade war with allies Mexico and Canada, partly because the two countries are its main suppliers of imported crude oil. Trump has already placed tariffs on crude imports from Canada and Mexico but has granted producers exemptions if they can demonstrate that they abide by the US-Mexico-Canada Agreement, a trade agreement between the three nations.

Last month, in response to the tariffs, API CEO Mike Sommers said, “Energy markets are highly integrated, and free and fair trade across our borders is critical for delivering affordable, reliable energy to U.S. consumers.”

Oil prices declined as Russia agreed to Trump’s proposal

Oil prices declined slightly on Wednesday after Russia agreed that Moscow and Kyiv temporarily stop attacking each other’s energy infrastructure amid Trump’s proposal. 

Analysts commented on this, stating that it could eventually pave the way for Russian oil to enter global markets.

By 11:30 GMT, Brent crude futures had dropped 11 cents, or 0.16%, to $69.97 a barrel. The West Texas Intermediate (WTI) price of $66.78 was down 12 cents, or 0.18%, from the previous day.

Panmure Liberum analyst Ashley Kelty said that crude prices softened on signs of progress towards a ceasefire deal in Ukraine, coupled with wider market weakness as traders and investors worry about the fallout from tariff wars.

He added that even if a deal is struck, it will likely take some time before Russian energy exports increase significantly, with the short-term impact around diversifying flows to attract better pricing.

Although Russia is one of the biggest suppliers of oil in the world, its output has decreased since the start of the conflict, leading to sanctions on Russian energy.

A senior investment analyst at brokerage XM, Charalampos Pissouros, stated that the agreement lowered the risk of supply disruptions and raised the likelihood of peace, which may result in lifting energy sanctions against Russia and more supply entering the market.

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