The key facts
- Putin: diesel prices on global markets fell 5–6% after the decision to resume supplies
- The agreement was reached on October 9 in a phone call with Trump; the US temporarily eased sanctions
- Novak allowed for export growth to 3–3.5 million tonnes monthly by the end of the year
Putin assessed the first results of the agreements with the US
Russian President Vladimir Putin stated that global diesel prices fell by 5–6% after the decision to resume Russian supplies to international markets. He was assessing the first results of the agreements with the US.
Context of the agreement
This concerns the agreements reached on October 9 during a phone call between Putin and the US leader Donald Trump. Washington temporarily eased sanctions restrictions on Russian diesel, after which Moscow began restoring export supplies.
Novak's data and volume plans
Back on October 12, Deputy Prime Minister Alexander Novak reported a 5–6% decline in global diesel prices. He also allowed that by the end of the year Russia could increase exports to 3–3.5 million tonnes monthly, returning to pre-crisis volumes.
Supply volumes and Trump's reaction
According to Life.ru, Putin agreed with Trump on supplies of more than 300 thousand tonnes of Russian diesel to the American and global markets. Another 500 thousand tonnes are planned for November, and then an additional million tonnes. Trump thanked his Russian counterpart for the agreement, acknowledging that the US needs additional fuel volumes to lower prices.
Dmitriev's statement
Head of the RDIF Kirill Dmitriev stated Moscow's intention to develop economic cooperation with Washington beyond the fuel sphere as well. According to him, the diesel agreements could become the basis for new joint projects, and the Russian side will continue explaining to American partners what damage sanctions inflict on the US economy itself.
