Trump announces deal with Putin to release Russian diesel
Diesel prices in the US have doubled since the war with Iran began in February, putting pressure on Republicans ahead of the midterms.
Trump says he has struck deal with Putin to release Russian diesel
US President Donald Trump said he has reached an agreement with Russian President Vladimir Putin that would let Moscow "immediately release" diesel into the global market.
He said Putin had agreed to release 300,000 tonnes of diesel at once, then 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, increasing pressure on Republicans before the midterm elections over the rising cost of living.
According to the AAA, the average diesel price in the US is now $6.28 a gallon, down from the record $6.53 reached at the end of September.
Soon after Trump's announcement, the US Treasury officially granted a temporary license permitting Russian diesel into the market.
Kirill Dmitriev, an envoy for Putin, welcomed the agreement on social media, saying: "Russia-US co-operation on diesel and energy will benefit the world."