Crude slipped as Saudi Arabia\u2019s energy minister backed a smaller-than-expected supply cut. Futures in New York and London fell about 5 percent on Thursday. A million-barrel reduction in daily supplies from OPEC and allies such as Russia will be adequate to balance supply and demand without shocking the market, Saudi Arabian Oil Minister Khalid Al-Falih told reporters in Vienna. The Organization of Petroleum Exporting Countries hasn\u2019t hammered out a final agreement yet, according to a delegate. Oil\u2019s sell-off also gathered steam as equity markets tanked. \u201cPeople were really hoping to hear something closer to 1.3 million barrels a day and we haven\u2019t gotten an official announcement yet,\u201d said Ashley Petersen, an oil analyst at Stratas Advisors LLC in New York. Given Saudi Arabia\u2019s \u201chistory of over-compliance, markets are a little bit preemptively disappointed.\u201d Traders are waiting for a formal deal as OPEC gathers in the Austrian capital, though one delegate said it\u2019s possible an agreement will elude the group on Thursday. The cartel may propose to Russia that the group cut its own output by 900,000 to 1 million barrels a day and then seek further reductions from non-OPEC nations. The group will meet with allied oil producers on Friday. West Texas Intermediate for January delivery fell $2.16 at $50.73 a barrel at 10:26 a.m. on the New York Mercantile Exchange. Total volume traded was double the 100-day average. Brent for February settlement tumbled $1.93 to $59.63 on London\u2019s ICE Futures Europe exchange. The global benchmark crude traded at an $8.54 premium to WTI for the same month. Amid OPEC\u2019s ongoing talks, Trump tweeted on Wednesday saying the world \u201cdoes not want to see, or need, higher oil prices.\u201d Saudi Arabia may not be able to defy Trump\u2019s demand for lower prices, after the killing of Jamal Khashoggi unleashed a fusillade of criticism from American lawmakers, leaving the president as one of Crown Prince Mohammed bin Salman\u2019s few remaining allies in Washington. Meanwhile, U.S. crude stockpiles rose 5.36 million barrels last week, the American Petroleum Institute was said to report. The Energy Information Administration is scheduled to release a tally Thursday that probably will show a 2 million-barrel decline, according to a Bloomberg survey of analysts. Also read: India\u2019s crude oil production fell for 6 years in a row; why it happened and what\u2019s next Other oil-market news: Gasoline futures slid 2.7 percent to $1.4072 a gallon. OPEC ministers are discussing whether to exempt Libya, Venezuela and Iran from making oil production cuts, says a delegate. Libya has little capacity to store crude it is unable to ship when storms close its export terminals, so bad weather has an almost immediate impact on the country\u2019s production. U.S. crude exports, including condensate derived wholly from natural gas, rose to a record 2.33 million barrels a day in October, according to Bloomberg calculations of U.S. Census Bureau data.