US Oil Producers Told to Boost Output Amid Global Supply Shock

US oil producers are being urged by Trump administration officials to boost output amid a global supply shock caused by the war in Iran.

The effective closure of the Strait of Hormuz has yanked an estimated 16 million barrels per day of crude from the world market, sending oil and gasoline prices soaring.

Interior Secretary Doug Burgum and Energy Secretary Chris Wright made their plea during a videoconference with roughly a dozen oil executives, including representatives of Exxon Mobil Corp., Chevron Corp., and Continental Resources Inc.

The administration has been pushing the industry to produce more oil for months, but now faces an acute political risk due to the supply shock, which is expected to endure for weeks rather than months.