The call led by Interior Secretary Doug Burgum and Energy Secretary Chris Wright convened a dozen executives from major oil producers including Diamondback Energy. US officials emphasized the need to offset a 16 million barrel-per-day shortfall caused by effective closures in the Strait of Hormuz. Participants included representatives from Exxon Mobil, Chevron, Continental Resources, Devon Energy, Occidental Petroleum and others. The 40-minute videoconference underscored political urgency as Republicans face midterm risks from soaring gasoline prices.

Following the meeting, global crude futures traded around $98.30, with physical Dated Brent previously hitting record highs. Executives noted higher price signals but expressed caution in allocating windfall cash to new drilling, citing expectations of price declines later in the year. Some companies confirmed plans to modestly increase output, while most remained reluctant to commit significant additional capital before futures curve visibility improves.