U.S. President Donald Trump is set to meet with leading oil executives at the White House on Wednesday as he outlines strategies to enhance domestic energy production amid declining crude oil prices and potential trade conflicts.
This gathering will be Trump’s first engagement with oil and gas industry leaders since he resumed his presidency in January.
Attendees will include members of the executive committee from the American Petroleum Institute (API), as reported by a source familiar with the event’s arrangements.
Notable executives expected to participate include ExxonMobil CEO Darren Woods, Chevron CEO Mike Wirth, ConocoPhillips CEO Ryan Lance, Phillips 66 CEO Mark Lashier, and Marathon Petroleum CEO Maryann Mannen, based on their public profiles.
According to the source, the meeting will serve as a “victory lap” for Trump’s initial support of the oil sector, while executives are anticipated to voice their concerns regarding the trade wars and stress the necessity for higher oil prices to fulfill the president’s commitment to increase domestic production.
Upon taking office, Trump and his administration pledged to elevate U.S. oil production by up to 3 million barrels per day and reduce energy costs for Americans facing inflation, partly by easing environmental regulations and expediting the permitting process.
Ed Hirs, an energy economist at the University of Houston, stated, “Supporting a higher oil price is the most effective way to sustain oil production and achieve energy independence. The approach of ‘drill-baby-drill’ is not the solution moving forward. I believe they will attempt to convey this message to him in a diplomatic manner.”
Analysts from the energy analytics firm Wood Mackenzie forecast that the average price of benchmark Brent oil will be $73 per barrel in 2025, a decrease of $7 per barrel compared to 2024, influenced by U.S. tariff policies and OPEC+ strategies to increase production.
When asked for comments regarding the meeting, API spokesperson Bethany Williams emphasized that the trade group values the chance to discuss the industry’s role in fostering economic growth and enhancing national security.
The White House did not provide a response to the request for comments.
President Trump is engaged in a trade conflict with allies Mexico and Canada, a stance that the API has publicly criticized, particularly since these two neighboring countries are the primary sources of imported crude oil for the U.S.
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Trump has already implemented tariffs on crude oil imports from Canada and Mexico but has granted exemptions for producers who can demonstrate compliance with the United States-Mexico-Canada Agreement.
In response to the tariffs last month, API CEO Mike Sommers remarked, “Energy markets are deeply interconnected, and maintaining free and fair trade across our borders is essential for providing affordable and reliable energy to American consumers.”
The API has also unveiled a five-point energy strategy for Trump and Congress, which includes reforms to permitting processes, increasing offshore oil leasing, safeguarding tax incentives for carbon capture and hydrogen production, and reducing subsidies for electric vehicles.
