President Donald Trump said Friday that Russia will supply millions of tons of diesel to the global market under a deal he reached with President Vladimir Putin.
Russia will immediately supply more than 300,000 tons of diesel, followed by 500,000 tons in November and a million tons immediately after, Trump said in an article on Truth Social. Moscow will then deliver an additional 3 million tons of diesel, depending on the condition of Russian refineries, Trump said.
Diesel prices have soared around the world as Ukraine hit Russian refineries, forcing Moscow to ban diesel exports to the global market. Iran and its Houthi allies have also attacked refineries in the Middle East, further limiting fuel supplies.
Trump is under increasing political pressure to take steps to reduce fuel prices before the November midterm elections. Republicans face competitive elections in conservative strongholds like Iowa, where farmers are bearing the brunt of high diesel prices.
But the president has few options to reduce prices given the destruction of global refining capacity by wars in Eastern Europe and the Middle East.
Trump flirted with a ban on diesel exports last month, but ultimately relented after the oil industry and big business warned that a ban would only raise gasoline prices.
The president issued an executive order earlier this week allowing truckers to use tax-exempt off-road diesel on highways without worrying about federal penalties. But the order only defers the tax liability, creating confusion over whether truckers may have to pay at some point.
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