US President Donald Trump says he has reached an agreement with Russian President Vladimir Putin allowing Moscow to “immediately release” diesel into the global market.
He said Putin had agreed to release 300,000 tonnes of diesel immediately, followed by 500,000 tonnes in November and another million after that.
“Diesel Prices for Americans and, indeed, the World, will be COMING DOWN, IN RECORD NUMBERS, AND FAST!” Trump wrote on Truth social.
Diesel prices in the US have doubled since the war with Iran began in February, putting pressure on Republicans ahead of the midterm elections over the rising cost of living.
The average diesel price in the US is currently $6.28 a gallon, according to the AAA, down from the record high of $6.53 recorded at the the end of September.
Shortly after Trump’s announcement, the US Treasury formally issued a temporary license allowing Russian diesel into the market.
An envoy for Putin, Kirill Dmitriev, welcomed the deal on social media, saying: “Russia-US co-operation on diesel and energy will benefit the world.”