The Kremlin said on Thursday that Russian diesel had begun reaching global markets after an agreement with U.S. President Donald Trump.
Trump said last week that Russia had agreed to supply diesel to global markets to lower fuel prices, while Moscow partially lifted its ban on diesel exports from Oct. 10 after the agreement.
“The diesel has started reaching global markets and is expected to have a positive effect on stabilising oil markets, although it will not be enough to stabilise them,” Kremlin spokesman Dmitry Peskov told reporters on a daily conference call.
LSEG data showed on Wednesday that Russia had resumed diesel export loadings from the Baltic port of Primorsk.
According to the shipping data, a tanker carrying around 40,000 metric tons of ultra-low sulphur diesel was loaded on Oct. 13 and was heading towards Morocco.
Trump is keen to lower U.S. diesel prices ahead of U.S. midterm elections on Nov. 3.
Ukrainian President Volodymyr Zelenskiy, European officials and some of Trump’s fellow Republican politicians strongly criticised the deal.
Russia has rejected European criticism of the diesel deal as “cynical,” given that Europe continues to buy some Russian oil and liquefied natural gas.
Trump said on Friday that Russia would immediately supply more than 300,000 metric tons (2.25 million barrels) of diesel to U.S. and global markets.
That is less than a day’s supply for the U.S. transport sector alone, according to U.S. Energy Information Administration data, which shows daily use of around 2.94 million barrels.
Trump also said Russia would supply another 500,000 tons in November and a further 1 million tons “immediately thereafter”, which is less than four days’ demand for U.S. transport.
Reuters/NAN