Russia says its diesel exports may exceed volumes announced by Trump
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Russia’s diesel fuel exports could reach 3.0-3.5 million metric tonnes per month by the end of the year, said its deputy prime minister.
PHOTO: BLOOMBERG
MOSCOW – Russia will be able to return diesel exports to levels above those US President Donald Trump has outlined under a deal with Moscow which has been criticised by Ukraine and some US lawmakers, Deputy Prime Minister Alexander Novak said on Oct 12.
Trump announced on Oct 9 that Russia had agreed to supply diesel to global markets, and his administration temporarily lifted US sanctions on Russian fuel designed to deprive Moscow of revenue for its war in Ukraine.
“We will see how the situation develops further, but Russia has the capacity to increase diesel fuel exports,” Novak, President Vladimir Putin’s point man on oil, said on Rossiya-24 state TV channel.
“By the end of the year, exports could reach 3.0-3.5 million tonnes per month, returning to the levels seen before the crisis,” he said.
Russia’s diesel exports have collapsed due to Ukrainian attacks on oil refineries and self-imposed overseas sales restrictions. Russia has frequently attacked Ukrainian energy infrastructure since Moscow launched its full-scale invasion in 2022.
Before Ukraine launched a barrage of drone attacks on Russian oil refineries in 2024-2025, Russian diesel exports amounted to more than 3 million tonnes per month.
Despite a self-imposed export ban, Moscow has continued to supply diesel to countries, mostly in Central Asia, under government deals. Russian diesel exports to Central Asia in September amounted to 427,000 tonnes, according to industry sources.
Soaring US diesel prices are hurting US truckers and farmers, and are a concern for voters and political parties ahead of US midterm elections on Nov 3.
Trump’s envoys told Ukrainian officials on Oct 9 that the Russian diesel deal was part of an effort to draw Russia back to negotiations after the failure of previous efforts to launch sustained talks to end the war, three people familiar with the meeting told Reuters.
The deal has triggered a backlash from some US lawmakers, who say it will give Moscow cash to pursue its war without forcing Putin to make concessions.
Ukrainian President Volodymyr Zelensky has criticised the deal as a reversal of years of Western policy aimed at isolating Russia’s economy.
Zelenskiy said on Oct 12 that Russian strikes against at least six energy targets during its latest wave of deadly air strikes across Ukraine showed Moscow had no interest in an energy ceasefire.
Balancing global supply and demand
Novak also said that under the deal with Trump, Russian diesel supplies will partially balance global supply and demand.
“We are already seeing this effect, including in global diesel markets, where prices have fallen by around 5% to 6%,” Novak said.
In his comments, Novak also said that US figures putting at US$250 billion (S$320.2 billion) the value of Russian resources sold to Europe were “significantly” understated.
“The figure for the period from 2022 to the present day is US$320.7 billion,” Novak told Rossiya-24. “This is the volume of energy resources supplied to European Union countries.”
Trump said on Oct 9 that Russia will immediately supply more than 300,000 tonnes (2.25 million barrels) of diesel to US and global markets.
That is less than a day’s supply for the US transport sector alone, according to US Energy Information Administration data, which shows daily use of around 2.94 million barrels.
Trump also said Russia would supply another 500,000 tonnes in November and a further 1 million tonnes “immediately thereafter”. REUTERS