Russia will provide 300,000 tonnes of diesel immediately, with another 1.5 million tonnes to follow, as prices soar amid the Iran war.
US President Donald Trump said in talks with Russian President Vladimir Putin that Russia had agreed to supply 300,000 tons of diesel fuel to the global market.
“I just concluded a successful meeting with Russian President Vladimir Putin. We agreed that Russia will immediately supply more than 300,000 tons of diesel fuel to the U.S. and global markets, an additional 500,000 tons in November, and 1 million tons shortly thereafter,” Trump said in a post on his Truth Social platform.
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The president added that Russia would supply an additional 3 million tons of fuel “in the short term.” He said the country would supply 500,000 tonnes in November.
Kirill Dmitriev, Russian President Vladimir Putin’s special envoy, praised Russian-US cooperation on diesel and energy in a post on X soon after.
“Cooperation between Russia and the United States on diesel and energy will benefit the world,” Dmitriev wrote in X.
Telephone conversation between President Putin and President Trump
The Kremlin said Putin told Trump in a phone call on Friday that Russia was ready to “supply oil” to the U.S. and global markets.
Regarding the meeting, the Kremlin said, “The Russian side reaffirmed its readiness to supply oil and petroleum products to the US and world markets.”
The Kremlin said the hour-and-a-half phone call between Putin and Trump covered major economic initiatives, including Russia’s fuel supply.
A readout from Moscow said President Trump welcomes Russia’s involvement in efforts to resolve the war with Iran.
Earlier this week, Putin met Iranian President Masoud Pezeshkian in Turkmenistan and said Russia would “do everything” to end the war, Russian news agencies reported.
According to Iran’s IRNA news agency, Putin told Pezeshkian in a phone conversation on Wednesday that the Russian government was ready to mediate.
According to the Kremlin, President Putin told President Trump that Russia would consider the timing of resuming peace negotiations. He added that the two leaders are interested in participating in the Asia-Pacific Economic Cooperation (APEC) summit to be held in China in November.
Kremlin aide Yuri Ushakov said that during the phone call, Trump warmly wished Putin a happy birthday and wished him success and happiness.
Gasoline price pressure
The agreement came despite Ukrainian airstrikes shutting down more than half of the country’s oil refining capacity, Ukraine’s Ministry of Defense claimed on Sunday.
The latest announcement came a week after G7 countries agreed to release 100 million barrels after pressure from the White House.
The move also comes as the price of diesel, which is used in agriculture, heating homes and trucking goods, is nearing record highs ahead of parliamentary elections on November 3 that will determine control of Congress.
Diesel prices have been rising in recent months but are starting to fall. According to the American Automobile Association (AAA), which tracks daily gas prices, the average price for a gallon is $6.27 ($1.66 per liter). It’s down $0.10 from this point last week, but up $5.94 from this point a month ago.
Diesel prices, which can fuel inflation, have risen 70% since the U.S. and Israel’s war against Iran began this year, despite two recent high-profile moves by President Trump to increase supplies of the fuel. They are pressuring allies to release emergency reserves and expanding access to untaxed red-dyed diesel, typically used in agricultural equipment.
The war in Iran and Ukraine has caused an unprecedented global fuel shortage.
