According to a report by German news outlet N-TV, Rubio said the move reflects the broader economic impact of conflicts disrupting energy markets.
- Rubio said allowing additional Russian diesel onto global markets could help ease pressure on fuel prices and benefit the U.S. as well as other economies.
- His comments come a week after the Trump administration waived key measures targeting Russian exports and countries that buy Russian energy.
- Russian Deputy Prime Minister Alexander Novak said Moscow is prepared to supply the U.S. with whatever volume of diesel its partners want.
U.S. Secretary of State Marco Rubio reportedly called President Donald Trump’s decision to ease restrictions on Russian diesel exports “very wise,” as the administration looks to increase global fuel supplies and contain rising diesel prices.
According to a report by German news outlet N-TV, Rubio said the move reflects the broader economic impact of conflicts disrupting energy markets, with the U.S. weighing the need for additional supplies against its efforts to pressure Russia over the war in Ukraine.
Rubio Defends Russia Diesel Deal
Rubio said allowing additional Russian diesel onto global markets could help ease pressure on fuel prices and benefit the U.S. as well as other economies.
“We recognize the impact of this war on the global economy,” Rubio said, calling Trump’s decision to temporarily permit additional energy supplies onto the world market “very wise.”
“This will benefit not only us, though, of course, it will also help the U.S., but it is also an important factor given high diesel prices worldwide,” Rubio said.
Rubio’s comments come a week after the Trump administration waived key measures targeting Russian exports and countries that buy Russian energy. He said the president could take 60 days to assess the economic impact before deciding whether to proceed.
The measures under the Graham Act include tariffs on Russian goods and penalties targeting countries that continue buying Russian oil and gas. Russia initially agreed to supply more than 300,000 metric tons of diesel to the U.S., with additional shipments expected in November and beyond.
Ready To Supply More Diesel, Says Russian Deputy PM
Meanwhile, during an interview with state broadcaster Vesti, Russian Deputy Prime Minister Alexander Novak said Moscow is prepared to supply the U.S. with whatever volume of diesel its partners want.
“As much as our partners want, to be honest, from the volume that we will export. We can supply everything,” Novak.
Crude Oil Prices Remain Elevated
Crude oil prices rose to a six-month high, with the U.S. West Texas Intermediate (WTI) futures expiring in December rising 4.29% to $103.44 a barrel after a 7.81% gain the week before. Brent crude futures expiring in December rose 6.24% this week, hovering around $116.7 a barrel after a 4.91% increase the week before.
The United States Oil Fund ETF (USO) rose more than 4% on Friday, while the ProShares Ultra Bloomberg Crude Oil ETF (UCO) gained about 4%.
During the after-hours session on Friday, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, gained 0.15%; the Invesco QQQ Trust ETF (QQQ) edged up by 0.07%; and the SPDR Dow Jones Industrial Average ETF Trust (DIA) rose 0.13%. Retail sentiment on Stocktwits toward the S&P 500 ETF was in the ‘extremely bearish’ territory at the time of writing.
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