More Russian fuel could soon enter global markets despite the backlash in Ukraine, Energy Secretary Chris Wright has said<\/p>\n
More Russian diesel fuel could enter global markets as part of a trade agreement between Moscow and Washington struck earlier this month, Energy Secretary Chris Wright has said. He claimed the shipments could be a \u201ccarrot\u201d for Moscow to scale back fighting in Ukraine.
\nUS President Donald Trump announced the landmark diesel deal with his Russian counterpart, Vladimir Putin, on October 9, saying Russia would release more than 300,000 metric tons of diesel immediately, 500,000 tons in November, another million afterward and potentially 3 million more, depending on refinery capacity.
\nTrump called lowering fuel prices for American consumers his \u201cgreatest priority\u201d ahead of the November 3 midterm elections, where the Republicans are at risk of losing their congressional majority.<\/p>\n
Read more<\/p>\n
Russia increases diesel production after Trump deal \u2013 Reuters<\/p>\n
Ukrainian leader Vladimir Zelensky condemned the surprise deal as a \u201cweak decision,\u201d prompting an angry response from Trump, who suggested that Ukraine replace Zelensky with someone willing to negotiate peace with Russia. Trump has also repeatedly pressed Zelensky to halt strikes on Russian oil refineries, something Kiev has refused to do.<\/p>\n
Read more<\/p>\n
Why Moscow shouldn\u2019t fear a Democratic victory in the US midterms<\/p>\n
Speaking to CNBC on Tuesday, Wright described the diesel deal as an \u201cincentive\u201d for Moscow to stop hostilities with Ukraine, adding that more Russian tankers could \u201cquite possibly\u201d depart under a six-month sanctions waiver.
\n\u201cIt\u2019s trying to put a carrot in front of Russia,\u201d he said, arguing that reduced hostilities would allow Moscow to export more diesel and marginally ease global fuel shortages.
\nRussian Deputy Prime Minister Aleksandr Novak said on Tuesday that three tankers carrying diesel are already en route to the US, with a fourth expected to depart Wednesday. On Sunday, he offered to supply as much as buyers wanted within Russia\u2019s available export volumes, saying: \u201cWe can supply all of it.\u201d He previously said Russian diesel exports could reach 3.5 million tons monthly by year-end.
\nDuring a meeting with Trump\u2019s special envoy Steve Witkoff last week in St. Petersburg, Putin noted that global diesel prices fell 5%-6% after the deal was announced. Earlier this week, Reuters reported that Russia\u2019s daily diesel output rose from 160,000 tons in early October to 180,000 tons after the introduction of new export quotas.
\nThe agreement has nevertheless met bipartisan resistance in Washington, with a group of senators calling it a \u201cgift to our adversary\u201d and a betrayal of Ukraine. Novak pushed back on Tuesday, singling out Democrats and wondering why US lawmakers were acting \u201cnot in the interests of the residents of the United States.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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