On Friday, President Trump announced that Russia will supply large volumes of diesel to the U.S. and global markets after a phone call with Vladimir Putin, and the Treasury Department waived sanctions on Russian diesel the same day. With diesel prices at record levels, the headline numbers sound big. Here is what is confirmed and what isn't. What Was Announced Trump wrote on Truth Social that Russia will immediately supply more than 300,000 tons of diesel, followed by 500,000 tons in November and 1 million tons right after that. A further 3 million tons would follow within a short period, he said, depending on the condition of Russia's refineries. Added together, the four tranches come to 4.8 million tons, while CNBC reported the total as more than 4 million. Trump predicted diesel prices would be "coming down, in record numbers, and fast," according to Axios. The Sanctions Waiver Shortly afterward, the Treasury's Office of Foreign Assets Control issued General L...
Diesel prices in the U.S. recently hit record highs, averaging $6.37 a gallon according to AAA data cited by The Hill. This week, the Group of Seven wealthy economies responded with one of their largest coordinated fuel releases in years a move that could ripple through everything from trucking costs to the broader inflation picture we've been tracking all month. What Was Actually Agreed Detail Information Total Release 100 million barrels (oil + fuel) Timeline Over 4 months Diesel Priority Window First 20 days (frontloaded) Announced By French President Emmanuel Macron Diesel Price (US, pre-release) $6.37/gallon (AAA) Trigger US threat to ban diesel exports to Europe The G7 nations agreed on Friday to release 100 million barrels of crude oil and fuel products from their emergency reserves over the next four months, according to reporting confirmed by CNBC, the Associated Press, Financial Times, and multiple other outlets. French President Emmanue...