It was Trump's first sit-down with oil and gas leaders since he returned to the White House in January.
Executives had been expected to express concerns over Trump's tariffs and stress the industry view that higher oil prices are needed to help meet Trump's promise to grow domestic production.
Wright said the “tariff dialog is still ongoing.”
The meeting included members of the American Petroleum Institute's executive committee, the source said.
Harold Hamm, founder and CEO of Continental Resources and one of Trump's biggest political donors, was also at the meeting.
Trump and his allies came into office vowing to boost already record U.S. oil production by as much as 3 million barrels per day and cut energy prices for inflation-stricken Americans, in part by rolling back environmental regulations and speeding permitting.
Analysts at energy analytics firm Wood Mackenzie projected benchmark Brent oil prices would average $73 per barrel in 2025, down $7 per barrel from 2024 due to U.S. tariff policies and OPEC+ plans to boost output.
Trump is pursuing a trade war with allies Mexico and Canada that the API has publicly opposed, in part because the two U.S. neighbors are its top sources of imported crude oil.
Last month, in response to the tariffs, API CEO Mike Sommers said, “Energy markets are highly integrated, and free and fair trade across our borders is critical for delivering affordable, reliable energy to U.S. consumers.”
API has publicly released a five-point energy plan for Trump and Congress to follow that includes permit reform, boosting offshore oil leasing, protecting tax credits for carbon capture and hydrogen production and rolling back subsidies for electric vehicles.
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