Business · Energy & Commodities · 11 hrs ago
Lavrov says Russia-US diesel deal helped lower fuel prices
Russian Foreign Minister Sergey Lavrov said a Russia-US deal to suspend restrictions on Russian diesel exports has supported energy security and lowered fuel prices.
The agreement followed an October 9 phone call between Russian President Vladimir Putin and US President Donald Trump, which included discussion of petroleum supplies.
Russia has begun lifting its ban on diesel exports ahead of schedule and says it is ready to supply 300,000 metric tons in October, 500,000 in November and 1 million in December.
The US administration has exempted Russian diesel shipments to global markets from sanctions until April 7, 2027.
Russia plans to raise exports eventually to 3 million metric tons a month.
Lavrov said prices fell after the agreement began to be implemented, though the account gives no details on the size of the decline.
The deal matters because it affects fuel supplies and energy security, and Russia plans to increase monthly diesel exports.
Russian Foreign Minister Sergey Lavrov said a Russia-US diesel agreement helped lower fuel prices and contributed to energy security.
The agreement suspends restrictions on Russian diesel exports, and Lavrov said its implementation had begun.
Lavrov said prices fell immediately after implementation began.
The United States has exempted Russian diesel shipments to global markets from sanctions until April 7, 2027.
Russia plans to raise diesel exports from 300,000 metric tons in October to 1 million metric tons in December, with a longer-term target of 3 million metric tons per month.
- Who
- Sergey Lavrov described the agreement; it was reached by the leaders of Russia and the United States.
- What
- The agreement suspends restrictions on Russian diesel exports. Lavrov said it helped lower fuel prices and improve energy security.
- When
- Lavrov said the agreement was already being implemented. The leaders discussed petroleum product supplies in a phone call on October 9.
- Where
- Russia and the United States; the diesel shipments are to global markets.
- Why
- To support energy security and supply oil and petroleum products to the United States and global markets.
This story does not have two clearly opposing sides.
Russian President Vladimir Putin and US President Donald Trump discussed petroleum product supplies in a phone call.
Lavrov said the agreement was being implemented and that prices fell immediately.
The US exemption from sanctions for Russian diesel shipments to global markets is set to remain in effect.
- Agreement
- Suspends restrictions on Russian diesel exports
- US sanctions exemption
- Until April 7, 2027
- October supply plan
- 300,000 metric tons
- December supply plan
- 1 million metric tons
- Longer-term monthly target
- 3 million metric tons
What people are saying
The agreement reached by the leaders of Russia and the United States to suspend restrictions on Russian diesel exports came as an important contribution to energy security. We have already begun implementing this agreement, and prices fell immediately as a result,