Trump to host top US oil chief executives as trade wars loom

By Jarrett Renshaw

(Reuters) - U.S. President Donald Trump volition big apical lipid executives astatine the White House connected Wednesday arsenic helium charts plans to boost home vigor accumulation successful the midst of falling crude prices and looming commercialized wars.

The gathering volition people Trump's archetypal sit-down with lipid and state leaders since returning to the White House for a 2nd word arsenic president successful January.

It volition see members of the American Petroleum Institute's (API) enforcement committee, according to 1 root acquainted with the readying of the closed-door event.

ExxonMobil (XOM) CEO Darren Woods, Chevron (CVX) CEO Mike Wirth, ConocoPhillips CEO Ryan Lance, Phillips 66 CEO Mark Lashier and Marathon Petroleum CEO Maryann Mannen are among the leaders connected the commercialized group's enforcement committee, according to nationalist biographies.

The gathering volition beryllium portion "victory lap" for Trump's aboriginal enactment of the industry, the root said, but executives are besides expected to explicit concerns implicit Trump's commercialized wars and stress the request for higher lipid prices to assistance conscionable the president's committedness to turn home production.

Trump and his allies came into bureau vowing to boost already grounds U.S. lipid accumulation by arsenic overmuch arsenic 3 cardinal barrels per time and chopped vigor prices for inflation-stricken Americans, successful portion by rolling backmost biology regulations and speeding permitting.

"The champion mode to support lipid accumulation and vigor independency is to enactment a higher lipid price," said Ed Hirs, an vigor economist astatine the University of Houston. "Drill-baby-drill is not the mode forward. And truthful I deliberation they're going to effort and marque that constituent to him tactfully."

Analysts astatine vigor analytics steadfast Wood Mackenzie projected benchmark Brent lipid prices would mean $73 per tube successful 2025, down $7 per tube from 2024 owed to U.S. tariff policies and OPEC+ plans to boost output.

Asked to remark connected the meeting, API spokesperson Bethany Williams reiterated erstwhile comments that the commercialized radical appreciated the accidental to sermon however the manufacture is driving economical maturation and strengthening nationalist security.

The White House did not respond to petition for comment.

Trump is pursuing a commercialized warfare with allies Mexico and Canada that the API has publically opposed, successful portion due to the fact that the 2 U.S. neighbors are its apical sources of imported crude oil.

Trump already imposed tariffs connected imported crude from Canada and Mexico but issued exemptions for producers who tin beryllium they comply with the commercialized statement betwixt the 3 countries, the United States-Mexico-Canada Agreement.