Kremlin says Russia is restarting diesel exports after deal with Trump – Reuters

The Kremlin announced on Thursday that Russian diesel fuel had begun reaching global markets following an agreement with US President Donald Trump.

Source: Reuters

Details: Last week, Trump stated that Russia had agreed to supply diesel to global markets in order to bring down fuel prices, and following the agreement, Moscow partially lifted its ban on diesel exports from 10 October.

Quote from Kremlin spokesman Dmitry Peskov: "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 fully stabilise them".

Details: According to LSEG data published on Wednesday, Russia has resumed diesel export shipments from the Baltic port of Primorsk.

Shipping data indicates that a tanker carrying around 40,000 metric tonnes of ultra-low sulphur diesel was loaded on 13 October and was heading for Morocco.

Trump is seeking to lower diesel prices in the US ahead of the midterm elections on 3 November.

Russia dismissed European criticism of the diesel deal as "cynical", given that Europe continues to purchase certain amounts of Russian oil and liquefied natural gas.

Background: According to Reuters calculations, Russia's federal budget revenues from oil and gas taxes will increase by 10% year-on-year, but overall oil and gas revenue for January-October is expected to be 14% lower than in the same period last year.

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