President Trump has announced a major agreement with Russia to import diesel fuel. The deal was secured after a phone call with Russian President Vladimir Putin.
What happened
According to President Trump, Russia will supply over 300,000 tons of diesel fuel to the American and global marketplace immediately. An additional 500,000 tons will be delivered in November, followed by 1,000,000 tons. Russia will also deliver 3,000,000 tons of diesel fuel in the near future, depending on the condition of their refineries.
The President stated that this agreement, combined with US control of the Strait of Hormuz, will lead to a significant decrease in diesel prices for Americans and the world. He emphasized that lower prices for farmers, ranchers, and truckers are a top priority.
This announcement comes after a historic deal with Venezuela over the summer, in which the US government secured a 35% equity stake in a Venezuelan oil company and major off-take rights over 65 billion barrels of oil.
