U.S. President Donald Trump said on Friday that Russia had agreed to supply more than 4.8 million tons of diesel to U.S. and global markets following a phone call with Russian President Vladimir Putin.
Russia would immediately supply more than 300,000 tons, followed by 500,000 tons in November and another 1 million tons immediately afterwards, Trump said in a post on Truth Social.
A further 3 million tons would be delivered within a short period, depending on the condition of Russia’s diesel refineries, he said.
The U.S. Treasury Department on Friday issued a general licence authorising transactions involving the sale, delivery and importation of Russian diesel, including into the United States, until April 7, 2027.
Trump said U.S. control of the Strait of Hormuz, combined with the Russian supply agreement, would bring down diesel prices in the United States and globally at a record pace.
He said lowering fuel costs for Americans, particularly farmers, ranchers and truck drivers, was his top priority.
He also reiterated that Iran would not be allowed to acquire a nuclear weapon.
The announcement comes as Trump seeks to secure fuel supplies and lower prices amid disruptions to shipping through the Strait of Hormuz.
On Oct. 2, his administration urged European Union countries to release some of their diesel reserves to ease global fuel prices.
The Group of Seven nations agreed later that day to coordinate the release of 100 million barrels of diesel and other reserves through the International Energy Agency to stabilise global energy markets.
Discover more from Energy News Africa
Subscribe to get the latest posts sent to your email.