US President Donald Trump said Friday he had reached an agreement
US President Donald Trump said Friday he had reached an agreement with Russian President Vladimir Putin for Russia to release up to 4.8 million tonnes of diesel onto global markets, in an effort to contain surging fuel prices ahead of November’s midterm elections.
The Financial Times initially reported the deal, under which Russia would immediately supply 300,000 tonnes of diesel, followed by another 500,000 tonnes in November and 1 million tonnes shortly thereafter. A further 3 million tonnes would be delivered within a short period, subject to the condition of Russian refineries.
Trump said the additional supplies would help drive down prices in the US and internationally, citing Washington’s control of the Strait of Hormuz alongside the agreement with Moscow. Wholesale diesel futures for delivery in New York Harbor fell about 4.5% to $4.67 per gallon following his announcement.
Diesel prices have surged as the wars in the Middle East and Ukraine disrupt supplies and damage energy infrastructure. US pump prices recently hit a record $6.53 a gallon, intensifying pressure on Trump ahead of November’s midterm elections. Wholesale diesel futures in New York fell 4.5% to $4.67 a gallon after his announcement, while Brent crude settled
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