President Donald Trump said Russia will send more diesel fuel to global markets after he spoke with Russian President Vladimir Putin. Trump hopes the move will help lower energy costs before the US midterm elections. However, energy experts say the deal may have little effect on prices.
Trump said Putin agreed to supply more than 300,000 tons of diesel right away. Russia also plans to send another 500,000 tons in November. Together, the shipments would equal about six million barrels of diesel fuel.
According to the US Energy Information Administration, that amount would meet US demand for about one and a half days. Trump said Russia could send millions of tons more in the months ahead. He added that future shipments would depend on the condition of Russian diesel refineries.
Market experts said the extra fuel could help ease supply pressure. Yet they warned that the deal would not be large enough to change global diesel prices by much.
Dan Pickering, founder and chief investment officer of Pickering Energy Partners, said the shipments could raise global diesel supply by about 5% to 6% between now and the end of the year.
Pickering said the deal would help but would not bring a major shift in the market. He also pointed out that Trump announced the volumes in tons rather than barrels. In his view, this made the figures look larger to people who do not follow energy markets closely.
Russia banned diesel exports in early July after Ukrainian drone strikes damaged its refineries. The attacks caused fuel shortages across the country. They also reduced the amount of diesel available to buyers around the world.
The export ban removed about 800,000 barrels of diesel per day from global supply. This came at a time when energy markets were already tight due to the US war against Iran. Russia extended the ban last month, adding to concerns about fuel costs.
The new promise from Putin could bring some Russian diesel back to the market. However, traders and analysts questioned whether Russia could deliver the full amount. Damage to refineries may limit output and delay shipments.
A Kremlin statement said Putin told Trump that Russia was ready to supply oil and petroleum products to the United States and other markets. Putin said he believed the move would have a positive effect on the global economy.
Trump welcomed the announcement at the White House on Friday. He said oil prices were falling sharply and expressed hope that the new supplies would help.
Diesel futures fell by about 4% by the end of trading on Friday. However, that decline alone does not show that the planned Russian shipments caused the fall.
The announcement drew anger from Ukraine. Kyiv has long urged other countries to impose tougher limits on Russian energy exports. Ukrainian officials argue that income from oil and gas sales helps Moscow pay for its war.
Ukraine has also stepped up attacks on Russian oil infrastructure in recent months. Kyiv has continued these strikes despite calls from Trump to stop them. This week, Ukraine claimed attacks on four refineries across Russia.
Ukrainian President Volodymyr Zelensky criticized the plan to allow Russia to export more diesel. He called it a weak decision by powerful partners.
Zelensky said the extra sales would give Russia more money to continue the war. He warned that the income could lead to more suffering in Ukraine.
His comments came as Russian attacks on Ukrainian cities continued. Ukraine has faced a serious shortage of air defense missiles, making it harder to stop repeated aerial strikes.
On Thursday, a strike on a bus stop in eastern Ukraine killed more than 30 people, according to the report. The incident added to fears for civilians as the war continued.
Zelensky also said the timing of Trump’s announcement made the deal harder for Kyiv to accept. A senior Ukrainian team had arrived in Miami for talks with US envoy Steve Witkoff and Trump’s son-in-law Jared Kushner.
The meetings took place as Trump spoke with Putin about energy supplies. Zelensky said Ukraine was trying to work with the US team while Trump held talks with the Russian leader.
The deal now faces questions about both supply and price. Russia must show that it can deliver the promised fuel despite pressure on its refineries. Buyers will also need to see whether the extra diesel can ease market costs.
For Trump, lower energy prices are an important goal before the midterm elections. For Ukraine, the deal raises fears that fresh Russian export income could help fund the war. Experts say the new supplies may ease some pressure, but a major fall in diesel prices remains uncertain.
