- Trump Officials Urge Oil Industry to Boost Output Amid War
Apr 16, 2026
(Bloomberg) -- Trump administration officials urged US oil producers to boost output, driving home a message to the industry that’s become more urgent amid the war in Iran.
Interior Secretary Doug Burgum and Energy Secretary Chris Wright made their plea during a videoconference Thursday with roughly a dozen oil executives, including representatives of Exxon Mobil Corp., Chevron Corp. and Continental Resources Inc.
President Donald Trump’s team has for months pushed the industry to produce more oil. But now the administration is grappling with a global supply shock caused by the effective closure of the Strait of Hormuz, which normally carries roughly a fifth of the world’s oil and liquefied natural gas supplies.
Paralysis in the Strait, combined with damage to Gulf energy facilities, has yanked an estimated 16 million barrels per day of crude from the world market, sending oil and gasoline prices soaring. That, in turn, has created an acute political risk for Trump’s Republicans ahead of the November midterm elections.
Other companies represented in the meeting Thursday included Hilcorp Energy, Diamondback Energy Inc., Devon Energy Corp. and Occidental Petroleum Corp.
While futures contracts for global crude were at $98.30 Thursday, traders are bidding far higher than that for physical deliveries. Dated Brent, the world’s most important price for real-world oil barrels, reached a record high earlier this month before retreating.
Wright reiterated his assertion that the disruption will endure for weeks — not months. That’s in line with a refrain from other administration officials — including Trump — who have cast the price increases for oil and gasoline as a short-term blip.
“They’re not very high, if you look at what they were supposed to be, in order to get rid of a nuclear weapon, with the danger that entails,” Trump told reporters Thursday at the White House.
Details of the 40-minute meeting were shared by an administration official and people familiar with the matter who asked not to be named because the conversation was private. The virtual gathering was subdued, a person said.
US officials have argued the surge in crude will entice companies to increase production. But executives have been reticent to spend the current windfall on drilling new wells, especially as futures point to a steep decline in prices over the coming months.
Oil executives largely refrained from relaying those concerns during the call, according to the people. Some executives volunteered that they were boosting production.
“It was a great call,” Burgum said at a Semafor event later Thursday. “These guys are all leaning in because they’re getting a price signal that this is a time to invest.”
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Wright and Burgum told executives they were thankful for increased US oil production, but stressed the opportunity to crank output up even further. The US has been hitting record highs and is on a great output trajectory, they said, before asking industry leaders what could be done in the short term to reach the next level.
Industry leaders emphasized the importance of permitting reform that could shrink the timetables for the development of energy projects — including new drilling — inside the US. Efforts to advance a sweeping permitting overhaul bill on Capitol Hill have stalled amid Democratic frustration over administration efforts to halt already authorized renewable energy projects.
Some of the industry officials recommended easing restrictions on flaring natural gas from wells as a way to boost oil production, according to one person familiar with the conversation. That could help bring on production from oil wells that don’t have infrastructure to carry associated gas to market.
Executives praised recent efforts by the administration to address prices and supply constraints tied to the war. That included a temporary waiver of the Jones Act, which has allowed crude and refined fuel to be transported between US ports on foreign vessels, rather than American-built, -operated and -flagged ships.
Business leaders also emphasized opposition to any kind of ban on US crude exports. Administration officials have explicitly ruled out export curbs, and Wright and Burgum reiterated Thursday that there are no plans to implement those restrictions.
Administration officials also reaffirmed they would not seek a windfall profits tax, a person familiar with the matter said.
--With assistance from Ari Natter and Kevin Crowley.
More stories like this are available on bloomberg.com
©2026 Bloomberg L.P.
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- Cellectar Enrolls First Patient in CLR 125 Auger-Emitting Radioconjugate Phase 1b Clinical Trial Targeting Refractory Triple Negative Breast Cancer (TNBC)
Apr 14, 2026 · globenewswire.com
Study will evaluate tumor-specific uptake, safety, tolerability, and preliminary efficacy signals of CLR 125 in refractory TNBC, to determine recommended Phase 2 dose Study will evaluate tumor-specific uptake, safety, tolerability, and preliminary efficacy signals of CLR 125 in refractory TNBC, to determine recommended Phase 2 dose
- CELLECTAR ENROLLS FIRST PATIENT IN CLR 125 AUGER-EMITTING RADIOCONJUGATE PHASE 1B CLINICAL TRIAL TARGETING REFRACTORY TRIPLE NEGATIVE BREAST CANCER (TNBC)
Apr 14, 2026
STUDY WILL EVALUATE TUMOR-SPECIFIC UPTAKE, SAFETY, TOLERABILITY, AND PRELIMINARY EFFICACY SIGNALS OF CLR 125 IN REFRACTORY TNBC, TO DETERMINE RECOMMENDED PHASE 2 DOSE STUDY WILL EVALUATE TUMOR-SPECIFIC UPTAKE, SAFETY, TOLERABILITY, AND PRELIMINARY EFFICACY SIGNALS OF CLR 125 IN REFRACTORY TNBC, TO DETERMINE RECOMMENDED PHASE 2 DOSE
- U.S. Shale Majors Take Fracking Global
Feb 12, 2026
U.S. shale oil and gas producers are buying international assets to maintain supply amid revisions of oil demand outlooks for the long term. From South America to the Middle East, frackers are going global.
Continental Resources is one example. The company of fracking icon Harold Hamm has been expanding in Argentina’s Vaca Muerta shale play, widely considered the second-largest shale oil and gas deposit after the Permian. In the last three months, Continental made two asset acquisition deals in the Vaca Muerta, with its chief executive, Doug Lawler, calling it “one of the most compelling shale plays in the world.”
But Continental is not limiting itself to Argentina. The company also recently sealed two exploration deals in Turkey, one for the Diyarbakir Basin of Southeast Turkey and the Thrace Basin of northwest Turkey. Early evaluations suggest the ultimate recoverable reserves could reach 6 billion barrels of oil and 12-20 trillion cubic feet of gas in the Diyarbakir Basin, and 20-45 trillion cu ft in the Thrace Basin, Continental Resources said.
Meanwhile, the former chief executive of Parsley Energy, Bryan Sheffield, is investing in Australian unconventional energy resources. The Financial Times reported last month that Sheffield—son of Pioneer Natural Resources’ Scott Sheffield—is the biggest shareholder in a company called Tamboran Resources. The company holds the drilling rights to acreage spanning close to 2 million acres in Australia’s Beetaloo basin. The basin is considered to be one of the biggest shale gas deposits globally, with Australia’s Northern Territory government reporting estimated resources of over 500 trillion cu ft in discovered and prospective gas.
Related: Libya Awards First Oil Blocks In 20 Years to Chevron and Europe’s Oil Majors
EOG Resources, meanwhile, recently started drilling in a shale play in the United Arab Emirates. The UAE is not the first country that comes to mind when talking about unconventional energy resources, but it appears to also be as rich in them as it is in conventional oil and gas. The shale major is also planning to drill for oil in a shale play in Bahrain, with chief executive Ezra Yakob saying at an industry event last year, “We have captured abundant resource in both plays, and we’ve partnered with companies that we have very, very strong stakeholder alignment with.”
According to a recent Wall Street Journal article on U.S. shale drillers’ expansion campaign abroad, the move has been prompted by peaking production at home. The article cited a Wood Mackenzie analyst as saying the global expansion was in fact, long overdue, stumped by the prolific resources of the Permian, which kept everyone’s attention focused on oil and gas resources at home.
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“One of the things that killed Global Shale 1.0 was the Permian,” Rob Clarke told the WSJ, adding that now the time has come for Global Shale 2.0, as well productivity in the Permian declines from 65 barrels per lateral foot in 2016 to 46 barrels per lateral foot last year. According to data from Enverus from 2024, well productivity in the Permian, the star shale play in the U.S. unconventional oil and gas industry, had declined by 15% since 2020.
The international expansion is also an expansion in fracking technology. U.S. companies doubtlessly have the most accumulated expertise in how to extract oil and gas from shale rock, and they are happy to apply this expertise in other parts of the world. Liberty Energy, for instance, provided modern stimulation equipment for the successful drilling of Tamboran Resources’ gas wells in the Beetaloo basin. EOG is sharing its own shale drilling expertise with Adnoc in the UAE. In Saudi Arabia, SLB is working on the kingdom’s shale gas fields as Riyadh eyes a substantial increase in gas output.
The global expansion of American shale majors is very likely to continue and intensify in the coming years. According to a senior researcher from Enverus, the big shale players have about 7.5 years of high-quality—meaning low-cost—shale reserves, and smaller players only hold around 2.5 years’ worth of top-notch acreage that can return 10% on investment at WTI below $50 per barrel. With forecasts about oil demand changing radically, from peak demand by 2030 to growth until at least 2050, global expansion is the only way to keep the shale oil flowing.
“We’re approaching the point at which we are going to have to find new sources of production. OPEC spare capacity is starting to shrink, U.S. shale is maturing. If demand keeps growing, where are those barrels going to come from?” Dan Pickering from Pickering Energy Partners told the WSJ.
“The Permian has been a massive wealth creator for America, but we’ve drilled the best prospects and are running out of inventory,” Bryan Sheffield told the Financial Times. “Americans will need to explore outside of America in the next three to five years and use their expertise to develop new shale basins,” the industry executive noted.
By Irina Slav for Oilprice.com
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- Exxon Labels Venezuela 'Uninvestable' Without Major Reforms
Jan 10, 2026
President Donald Trump has urged major US oil companies to invest at least $100 billion in Venezuela’s oil sector, a proposition that has been met with skepticism by industry leaders.
On Friday, Trump had a meeting with nearly 20 industry representatives in the White House’s East Room. He expressed his anticipation for a swift agreement to rejuvenate operations in Venezuela following the capture of leader Nicolás Maduro.
Despite Trump’s positive outlook, several executives voiced their concerns. Exxon Mobil Corp. (NYSE:XOM) CEO Darren Woods referred to Venezuela as currently “uninvestable,” citing past instances of the company’s assets being confiscated by the Venezuelan government, reports Bloomberg.
Harold Hamm of Continental Resources Inc.(NYSE:CLR), a long-time supporter of Trump, also refrained from committing to Venezuelan investment, although he showed enthusiasm about the possibility.
Energy Secretary Chris Wright singled out Chevron Corp. (NYSE:CVX), the only US major still present in Venezuela, as the “one specific pledge” from an oil company to aid in reviving the nation’s crude production.
Chevron Vice Chairman Mark Nelson confirmed the company’s readiness to significantly ramp up its output in Venezuela.
Despite the hesitant response from industry representatives, Trump remained hopeful, stating, “They’re going to be going in with hundreds of billions of dollars in drilling oil, and it’s good for Venezuela and it’s great for the United States.”
The call for investment comes at a time when Venezuela’s oil sector is in dire need of revitalization. However, the skepticism expressed by industry leaders underscores the risks associated with investing in a country with a history of asset seizure.
The response from Chevron, however, indicates that some companies may be willing to take on these risks, potentially leading to a significant boost in Venezuela’s oil production and economic recovery.
Image: Shutterstock/Kirkam
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- Exxon Labels Venezuela 'Uninvestable' Without Major Reforms
Jan 10, 2026 · feeds.benzinga.com
President Trump has urged major US oil companies to invest at least $100 billion in Venezuela's oil sector, a proposition that has been met with skepticism by industry leaders.
- Factbox-White House gathers oil majors, traders, drillers on Venezuela
Jan 9, 2026
By Jarrett Renshaw
Jan 9 (Reuters) - The White House is convening a meeting on Friday with major U.S. and international oil companies to discuss potential investment in Venezuela’s energy sector, as the administration weighs ways to revive crude output in the sanctions-hit country, according to a White House official.
The companies include producers, refiners, traders and oilfield services firms with past or potential exposure to Venezuela. Also attending are Secretary of State Marco Rubio, Energy Secretary Chris Wright and Interior Secretary Doug Burgum, the White House official said.
Here is a list of companies expected to attend, according to a White House official.
- Chevron Corp
- Exxon Mobil
- ConocoPhillips
- Continental Resources
- Halliburton
- HKN Inc.
- Valero Energy Corp
- Marathon Petroleum Corp
- Shell
- Trafigura
- Vitol Americas
- Repsol
- Eni
- Aspect Holdings
- Tallgrass Energy
- Raisa Energy
- Hilcorp Energy
(Reporting by Jarrett Renshaw; Editing by Nia Williams)
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- Factbox-White House gathers oil majors, traders, drillers on Venezuela
Jan 9, 2026
By Jarrett Renshaw
Jan 9 (Reuters) - The White House is convening a meeting on Friday with major U.S. and international oil companies to discuss potential investment in Venezuela’s energy sector, as the administration weighs ways to revive crude output in the sanctions-hit country, according to a White House official.
The companies include producers, refiners, traders and oilfield services firms with past or potential exposure to Venezuela. Also attending are Secretary of State Marco Rubio, Energy Secretary Chris Wright and Interior Secretary Doug Burgum, the White House official said.
Here is a list of companies expected to attend, according to a White House official.
- Chevron Corp
- Exxon Mobil
- ConocoPhillips
- Continental Resources
- Halliburton
- HKN Inc.
- Valero Energy Corp
- Marathon Petroleum Corp
- Shell
- Trafigura
- Vitol Americas
- Repsol
- Eni
- Aspect Holdings
- Tallgrass Energy
- Raisa Energy
- Hilcorp Energy
(Reporting by Jarrett Renshaw; Editing by Nia Williams)
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- Cellectar Biosciences Announces Strategic Supply Agreement with Ionetix for Actinium-225 and Astatine-211 to Advance Targeted Alpha Therapies
Dec 16, 2025 · globenewswire.com
Supports Development of Phospholipid Radioconjugate (PRC) CLR-225 for the Treatment of Solid Tumors Supports Development of Phospholipid Radioconjugate (PRC) CLR-225 for the Treatment of Solid Tumors
- CELLECTAR BIOSCIENCES ANNOUNCES STRATEGIC SUPPLY AGREEMENT WITH IONETIX FOR ACTINIUM-225 AND ASTATINE-211 TO ADVANCE TARGETED ALPHA THERAPIES
Dec 16, 2025
SUPPORTS DEVELOPMENT OF PHOSPHOLIPID RADIOCONJUGATE (PRC) CLR-225 FOR THE TREATMENT OF SOLID TUMORS SUPPORTS DEVELOPMENT OF PHOSPHOLIPID RADIOCONJUGATE (PRC) CLR-225 FOR THE TREATMENT OF SOLID TUMORS
