Symbolic imageOil holds near $110 as Russian diesel deal reshapes fuel flows
Brent crude held near $110 on Monday amid the Mideast and Ukraine conflicts, Bloomberg reports. Reuters says prices slipped on expectations of more Russian fuel after Trump's sanction waiver.
Russian Deputy Prime Minister Alexander Novak said on Sunday, 18 October, that Russian diesel will reach the US market 15-20 days after contracts are signed, and that the US Department of Energy has named the buyers. Moscow plans 500,000 tons in October and 1 million each in November and December, and could supply 3.5 million tons by year-end if refineries run at full capacity, almost 10% of the global market in Novak's words (TASS). He said the sanctions were lifted for six months or covered by a Treasury license, so freight and insurance are unrestricted.
Turkey wants a share
Energy Minister Alparslan Bayraktar told Kanal 7 that Turkey will bring part of this diesel home through ongoing talks, without giving details.
China triples diesel exports
Chinese customs data show September diesel exports up 262.3% year on year to 1.85 million tons, the highest in over three years, as the Iran war and other conflicts squeeze supply in the Middle East and Russia (Handelsblatt). Beijing restricted fuel exports in mid-March and eased the curbs in mid-July.
India's exports to the West rise
The Hindu reports that Indian refiners' fuel exports to the West rose 43% while they keep importing Russian crude.
Other opinions
TASS presents the supplies as a commercial arrangement agreed by Putin and Trump, while Zelensky, European politicians and some Republicans sharply criticise the deal (Handelsblatt).