US President Donald Trump has announced an agreement with Russian President Vladimir Putin to allow Moscow to "immediately release" diesel into the global market. President Trump stated that Mr Putin agreed to release 300,000 tonnes of diesel immediately, followed by 500,000 tonnes in November and an additional one million tonnes thereafter.
Following President Trump's announcement, the US Treasury formally issued a temporary license for Russian diesel to enter the market. An envoy for Mr Putin, Kirill Dmitriev, welcomed the deal on social media, stating that "Russia-US co-operation on diesel and energy will benefit the world."
Diesel prices in the US have doubled since the war with Iran began in February, which has reportedly put pressure on Republicans ahead of the midterm elections due to rising living costs. The average diesel price in the US is currently $6.28 a gallon, according to the AAA, a decrease from the record high of $6.53 recorded at the end of September.