In brief
Donald Trump announced a deal with Vladimir Putin that would allow Russia to release 300,000 tonnes of diesel immediately, followed by 500,000 tonnes in November and another million thereafter. The move aims to curb soaring fuel costs that have fed into America's cost‑of‑living debate ahead of mid‑term elections. The United States Treasury quickly granted a temporary license for the diesel to enter the market. A Russian envoy praised the agreement, stating it would benefit the world. Analysts are watching to see if the influx will truly drive down diesel prices.
US President Donald Trump says he has reached an agreement with Russian President Vladimir Putin allowing Moscow to “immediately release” diesel into the global market.
Trump outlined that the deal would unlock 300,000 tonnes of diesel right away, 500,000 tonnes in November, and a further million tonnes thereafter.
“Diesel prices for Americans and, indeed, the world, will be COMING DOWN, IN RECORD NUMBERS, AND FAST!” Trump posted on Truth Social.
The rising price of diesel – now averaging $6.28 a gallon according to the AAA, up from $6.53 at the end of September – has amplified political pressure on the Biden administration as the mid‑term elections loom.
Following the announcement, the US Treasury swiftly issued a temporary license allowing Russian diesel to enter the market.
An envoy for Russia, Kirill Dmitriev, praised the agreement on social media, saying that “Russia‑US cooperation on diesel and energy will benefit the world.”
Sources: BBC News, AAA, US Treasury, Kremlin statement.
