Senior administration official: US does not know formal details of Saudi, Russian plans to cut oil supply

The United States does not know the formal details of Saudi Arabia's and Russia's plans to cut the oil supply yet, Reuters reported on Thursday, citing a senior Trump administration official.

"President Trump does not plan to ask domestic oil producers to agree on a specific cut," the official added. "The United States cannot orchestrate a mandated domestic oil supply cut."

The official further noted that the US government is considering suspending royalty payments on oil production to help domestic suppliers.

Market reaction

The barrel of West Texas Intermediate largely ignored these comments and was last seen trading at $24.70, adding 16.6% on the day.