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Update: Market Chatter: US Oil Executives Push Back Against Donald Trump's Potential Ban on Diesel Exports

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(Updates with Phillips 66's response in the last paragraph.)

Chevron (CVX), Phillips 66 (PSX), ExxonMobil (XOM) and Valero's (VLO) top executives are pushing back against President Donald Trump's proposal to ban diesel exports, The Wall Street Journal reported Thursday, citing people familiar with the matter.

Senior oil executives started contacting Trump administration officials to oppose the potential ban, the sources said.

Energy Secretary Chris Wright reportedly told US oil executives Wednesday that he prefers a measure that would satisfy Trump's desire to lower diesel prices without an export ban.

Some sources said senior oil executives and their representatives have also found common ground with Treasury Secretary Scott Bessent. The industry believes Bessent does not fully support an export ban, the report said.

Measures to limit exports remain under consideration within the Trump administration, sources cited by the WSJ said.

Phillips 66 declined to comment to. Chevron, ExxonMobil, Valero did not immediately respond to requests for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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