Diesel Prices Fall as Trump Says Russia to Supply Millions of Tons to Global Market

By Anthony Harrup

Diesel fuel prices fell after President Trump said Friday that Russia agreed to supply millions of tons of diesel to the global market in a move that would bring record high diesel prices down for Americans and the world.

In a post on Truth Social, Trump said he had a "highly successful" call with Russian President Vladimir Putin, and it was agreed that Russia would immediately supply more than 300,000 tons of diesel "to the American and global marketplace," an additional 500,000 tons in November and 1 million tons after that.

Depending on the condition of Russian refineries, Russia will supply an additional 3 million tons "within a short period of time," he added.

Diesel futures traded on the New York Mercantile Exchange extended earlier losses and were down 4.5% at $4.6632 a gallon following the president's comments. There was less of a reaction in crude oil futures, which inched lower after settling slightly higher Friday.

U.S. retail diesel prices reached a record $6.5276 a gallon on Sept. 22, according to the American Automobile Association. On Friday, the average price was $6.2785 a gallon, the AAA said.

"We need to see action more than talk," BOK Financial's senior vice president of trading Dennis Kissler said. "Until we see the product moving across the water to the locations where it's needed, the market's going to be skeptical," he said. "If we see product come on the market, that's going to be a different story and I think the market will react dramatically."

The question also remains as to whether Ukraine is going to stop bombing Russian facilities, Kissler added.

While workarounds such as pipeplines and ship-to-ship transfers have kept substantial amounts of crude oil flowing out of the Middle East, product shortages have remained a problem.

The Treasury Department said on X that the Office of Foreign Assets Control is immediately issuing a temporary general license to allow the supply of Russian diesel to the global market.

Earlier this year, Russia banned diesel exports as Ukrainian attacks on its refineries severely diminished its refining capacity. The lack of Russian supply, along with disruptions in the Middle East, pushed diesel prices to record highs. It also led the U.S. to export record amounts of the fuel.

Write to Anthony Harrup at anthony.harrup@wsj.com

(END) Dow Jones Newswires

October 09, 2026 16:55 ET (20:55 GMT)