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Russia's Lavrov says US diesel deal working, prices coming down - Finance news and analysis from Global Banking & Finance Review
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Russia's Lavrov says US diesel deal working, prices coming down

Published by Global Banking & Finance Review

Posted on November 10, 2026

3 min read

· Last updated: November 10, 2026

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Lavrov: Russia-US Diesel Export Deal Drives Down Global Fuel Prices

Overview of the Russia-US Diesel Export Agreement and Its Impact

Lavrov's Statement on the Diesel Export Accord

Nov 10 (Reuters) - Russian Foreign Minister Sergei Lavrov said the accord under which Russia is to supply diesel to the US and world markets is already working and lowering prices, writing in a piece published on Tuesday in Moscow daily Kommersant.

Lavrov said Russia was distinct from the West in not using its economy to score political points against countries seen as adversaries or competitors.

Energy Resource Supply to Europe

"Since 2022, we have supplied Europe with energy resources worth $320 billion," Lavrov wrote in Kommersant.

Details of the Diesel Export Agreement

"An important contribution to energy security was the agreement between the Russian and US leaders to suspend restrictions on the export of Russian diesel. We have already started implementing it, which immediately brought prices down."

US Involvement and Policy Changes

Announcement of the Export Deal

US President Donald Trump announced on October 9 the surprise deal under which Russia agreed to immediately export 300,000 metric tons, or 2.25 million barrels, to the US and global markets, followed by 500,000 tons in November and 1 million tons "immediately thereafter" to help lower fuel prices ahead of the US midterm elections.

Temporary Lifting of Sanctions

His administration temporarily lifted US sanctions on Russian fuel that were designed to deprive Moscow of revenue for its war on Ukraine.

Market Reactions and Price Trends

Lavrov's Comments on Market Stabilization

Lavrov, in his comments to Kommersant, said Russia was working to stabilise world energy markets "ensuring global energy security, balanced and sustainable development of countries and macro-regions".

Diesel Price Movements

Futures and Pump Prices

He did not give any data on diesel prices. US futures prices have fallen about 11% since the deal was announced, but at the pump in the US, diesel prices were at a record high last week when Americans voted, according to price tracker GasBuddy.

Geopolitical Context and Ongoing Tensions

Ukraine's Response and Continued Strikes

Lavrov said Ukraine was ignoring Trump's calls to stop strikes on Russian energy targets. Ukrainian President Volodymyr Zelenskiy last week said Kyiv's forces were pursuing their strikes.

Impact on Russian Fuel Supply

Russian media said fuel shortages had returned to at least half a dozen Russian regions after Ukrainian strikes on at least eight major oil refineries in the past two weeks.

(Reporting by Reuters; Editing by Sonali Paul)

Key Takeaways

  • The temporary US sanctions waiver on Russian diesel is in effect and has already triggered futures price declines. (marketscreener.com)
  • Despite futures cooling, national average diesel pump prices reached an Election Day record of approximately $6.28/gal, highlighting delayed transmission to consumers. (mediaite.com)
  • Implementation faces resistance: some tankers have rerouted, and state officials and Congress warn of legal violations under US law. (lemonde.fr)

References

Frequently Asked Questions

What is the Russia-US diesel deal?
The Russia-US diesel deal allows Russia to export significant volumes of diesel to the US and global markets, aiming to lower fuel prices worldwide.
How has the Russia-US diesel deal impacted prices?
According to Lavrov, implementation of the deal has already caused diesel prices to drop and contributed to energy market stability.
What role did US sanctions play in the diesel deal?
The US temporarily lifted sanctions on Russian fuel to enable the diesel exports, aiming to reduce high prices before the US midterm elections.
Why did Lavrov highlight the difference between Russia and the West?
Lavrov asserted that Russia, unlike Western nations, does not use its economy for political leverage against competitors or adversaries.
Are there still fuel shortages in Russia despite the deal?
Russian media reported fuel shortages in several regions due to Ukrainian strikes on oil refineries despite the ongoing export deal.

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