The U.S. President said in a post on Truth Social that the arrangement would involve multiple waves of Russian diesel shipments.
- Trump said Russia will initially supply more than 300,000 tons of diesel fuel to the U.S. and global marketplace, followed by another 500,000 tons in November and a million tons immediately thereafter.
- He said the potential supply could grow substantially further depending on the condition of Russia’s diesel refineries.
- According to Trump, Russia could ultimately deliver an additional three million tons of diesel fuel “within a short period of time.”
President Donald Trump said Saturday that he reached a “highly successful” agreement with Russian President Vladimir Putin that could bring a major new supply of diesel fuel to global markets as the administration looks to push energy prices lower.
Trump said in a post on Truth Social that the arrangement would involve multiple waves of Russian diesel shipments, while touting what he described as a broader effort to bring down fuel costs for Americans.
“Between our total control of the Strait of Hormuz, and this great announcement on Russian Energy, diesel prices for Americans and, indeed, the world, will be coming down, in record numbers, and fast!” he said.
Russia To Send Millions Of Tons Of Diesel, Says Trump
Trump said Russia will initially supply more than 300,000 tons of diesel fuel to the U.S. and global marketplace, followed by another 500,000 tons in November and a million tons immediately thereafter.
Trump said the potential supply could grow substantially further depending on the condition of Russia’s diesel refineries.
According to the president, Russia could ultimately deliver an additional three million tons of diesel fuel “within a short period of time.”
That would bring the total volume Trump outlined to as much as 4.8 million tons, although the timing and actual delivery of the later shipments remain dependent on refinery conditions.
“Lower prices for Americans, especially our great farmers, ranchers, and truckers, is my greatest priority. This is a very big and important announcement,” Trump added.
Trump Links Diesel Prices To Strait Of Hormuz
Trump also tied the announcement to the broader energy situation surrounding the Strait of Hormuz, saying the U.S. has “TOTAL CONTROL” of the strategic waterway.
The president argued that the combination of control over the Strait of Hormuz and additional Russian diesel supplies could put significant downward pressure on fuel prices.
The comments come as energy markets remain highly sensitive to disruptions around the Strait of Hormuz, one of the world's most important routes for global oil and fuel shipments.
Trump also added a separate warning on Iran, declaring: “Additionally, it must be understood, that Iran will not have a Nuclear Weapon!”
Crude Oil Prices Rise
Crude oil prices rose last week, with the U.S. West Texas Intermediate (WTI) futures expiring in November rising 0.6% to $91.66 a barrel after a 1.41% fall the week before. Brent crude futures expiring in December rose 2.42% this week, hovering around $104.42 a barrel after a 3.47% increase the week before.
The United States Oil Fund ETF (USO) declined about 0.4% on Friday, while the ProShares Ultra Bloomberg Crude Oil ETF (UCO) fell about 0.4%.
During the after-hours session on Friday, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was flat; the Invesco QQQ Trust ETF (QQQ) edged up by 0.01%; and the SPDR Dow Jones Industrial Average ETF Trust (DIA) rose 0.02%. Retail sentiment on Stocktwits toward the S&P 500 ETF was in the ‘bullish’ territory at the time of writing.
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