The President of the United States, Donald Trump, announced this Friday an agreement with his Russian counterpart, Vladimir Putin, to increase the supply of diesel to international markets, with the aim of reducing fuel prices amid the energy crisis resulting from the war against Iran. The pact includes several staggered deliveries of diesel, both for the U.S. market and for the rest of the world.
According to Trump, explained through his social network Truth Social, the agreement was reached after a meeting with Putin and will allow for the incorporation of more than 300,000 tons of diesel immediately, another 500,000 during November, and an additional million tons later.
The leader also pointed out that Russia could supply another three million tons of diesel in a short period, although this amount will depend on the state of Russian refineries. For now, the figures and the delivery schedule come from Trump's announcement.
The rise in diesel pressures Trump before the elections
The announcement comes just weeks before the midterm elections in the United States, in a context of growing concern over the rising costs of fuels. The war against Iran and tensions in energy supply have raised transportation costs and those of numerous economic activities.
According to data collected by El País, the price of diesel has increased by nearly 70% since the start of the bombings on Tehran and has surpassed the highs recorded during the first months of the Russian invasion of Ukraine.
This evolution has increased pressure on the U.S. Administration, especially among sectors that directly depend on fuel, such as road transport, agriculture, and livestock.
Trump promises a quick drop in fuel prices
The U.S. president has linked the agreement with Russia to the situation in the Strait of Hormuz, one of the main routes for global oil trade, and has assured that both circumstances will allow for a rapid reduction in diesel prices.
"The reduction of prices for Americans, especially for our magnificent farmers, ranchers, and truckers, is my top priority", Trump stated in his message, in which he presented the Russian commitment as a step forward to contain energy costs.
The evolution of prices will depend, however, on whether the announced quantities actually reach the market, on the production and distribution capacity of Russian refineries, and on the situation of international supply.
The announced agreement also implies a new rapprochement between Washington and Moscow in energy matters, while the war in Ukraine continues. Trump has not detailed in his communication the commercial conditions of the operations nor their fit within the restrictions applied to the Russian energy sector.