Senior US Interior and Energy Department officials are meeting with ExxonMobil and Chevron to discuss boosting production. The White House organized the talks to evaluate supply-side responses to tightening markets and geopolitical tensions with Iran.
The National Energy Dominance Council is leading the discussions as oil prices exceed $99 per barrel. This move follows President Donald Trump’s calls for increased domestic production to counter market volatility.
BNP Paribas upgraded Chevron to Outperform on the same day. The firm also upgraded ExxonMobil to Neutral. Analysts cite low oil inventories and a prolonged period of high prices as primary reasons for the upgrades.