Trump meeting with US oil executives ends without public commitment to cuts

Washington — A highly-anticipated meeting between US President Donald Trump and the country's oil executives Friday ended without a new policy announcement or commitment toward domestic output cuts.

During a press conference late Friday, Trump said a plan to open available capacity in the US Strategic Petroleum Reserve for the country's producers to store US oil was discussed during the meeting. The Department of Energy announced that plan Thursday and released a request for proposals to store an initial 30 million barrels of crude in the SPR.

When asked about the meeting, Trump said there was an "overabundance of oil right now," but gave no indication of any additional government action in the works.

"There's too much oil, there's a glut," Trump said. "These are great companies, they'll figure it out."

Trump Friday met with the top executives from ExxonMobil, Chevron, Phillips 66, Devon Energy, Continental Resources, Hilcorp Energy, Occidental Petroleum, Energy Transfer Partners and the American Petroleum Institute.

Republican lawmakers from Texas, North Dakota, Alaska, and California also attended the meeting.