Secret documents appear to show British and American intelligence agencies targeted a far wider list of organisations and people than previously thought.
A list leaked by the former US National Security Agency contractor Edward Snowden includes several humanitarian charities, as well as the German government.
It's thought the email account of the Israeli Prime Minister was also monitored.
Speaking at a news conference at the White House, Barack Obama suggested that he may be ready to make some changes to the way phone records are collected.
Among dozens of recommendations he is considering, he hinted that he may strip the National Security Agency of its ability to store data in its own facilities and instead shift that storage to private phone companies.
"There are ways we can do it potentially, that gives people greater assurance that they're checks and balances, that there is sufficient oversight, sufficient transparency," Mr Obama said.
The new documents leaked by Mr Snowden reveal heads of state and international organisations were the focus of US and British spies.
The agents targeted a senior European Union official, German government buildings, and the office of a former Israeli prime minister, according to the papers published on Friday.
Other targets from 2008 to 2011 included foreign energy companies and aid organisations, according to The Guardian and The New York Times, citing secret documents from the former NSA contractor.
Mr Snowden's leaks have exposed the reported surveillance activities of the NSA and its British counterpart GCHQ, the alleged extent of which has upset many US allies and fuelled a heated debate about the balance between privacy and security.
He is living in Russia under temporary asylum.