The International Energy Agency warned in its latest monthly report on the oil market of the potential for a continued diesel supply shortage until next year, amid a sharp decline in inventories, along with production constraints ahead of peak demand during the winter season.
Diesel refining profit margins reached record levels, rising to about $95 per barrel in September, coinciding with a sharp decline in production due to reduced refining capacities, as a result of attacks linked to the U.S. war on Iran.
The agency explained that diesel markets continue to face significant pressures, noting that ongoing supply disruptions have led to withdrawals from inventories, contrary to the usual pattern during the period leading up to the autumn maintenance of refineries and increased demand as winter approaches, according to Western media reports.
In this context, U.S. President Donald Trump confirmed yesterday, Tuesday, that the whole world needs a deal with Russia regarding diesel fuel, indicating that the diesel fuel agreement with Russia has already led to a decrease in prices globally.
Trump told reporters, "This is a deal for the whole world, not just for us. It is a way for the whole world to get large quantities of oil. This is not a deal for me, and I have reduced prices."
President Donald Trump announced last Friday that he had a phone conversation he described as "very successful" with Russian President Vladimir Putin, during which they agreed for Russia to immediately pump 300,000 tons of diesel into American and global markets.