Trump: Agreement with Putin to gradually bring more than 4.8 million tons of Russian oil onto the market, record price drop expected

Following a phone call with Russian President Vladimir Putin, U.S. President Donald Trump announced an agreement to supply the U.S. and international markets with millions of tons of Russian oil, initially immediately and then gradually.

In a post on Truth Social, Trump described his communication with Putin as “extremely successful.” According to him, the agreement on Russian energy, together with the control the United States allegedly exercises over the Strait of Hormuz, will lead to a rapid decline in oil prices in the United States and global markets.

According to details made public by the U.S. president, Russia will immediately put more than 300,000 tons of oil on the market. Another 500,000 tons are expected to be delivered in November.

Trump also announced that a further 1,000,000 tons would be added later, without specifying when this shipment would take place. Meanwhile, Moscow is said to have pledged to provide another 3,000,000 tons within a short period, depending on the condition of Russian refineries.

If all the quantities mentioned are delivered, the total volume of supplies will exceed 4.8 million tons of oil.

The U.S. president presented the agreement as part of efforts to curb energy costs, highlighting the impact high oil prices have on agriculture and transportation.

“Thanks to our TOTAL CONTROL of the Strait of Hormuz and this excellent announcement on Russian energy, oil prices for Americans and, in fact, for the entire world will FALL, TO RECORD LEVELS, AND QUICKLY!”, Trump wrote.

He said that reducing fuel costs is one of the main objectives of his administration, especially for farmers, ranchers and truck drivers, whose activities depend directly on the price of fuel.

At the end of his statement, Trump also referred to Iran’s nuclear program.

“Furthermore, it must be understood that Iran will not have a nuclear weapon!”, he said, reiterating the position that Washington will not allow the Tehran regime to acquire a nuclear arsenal.

The announcement of the agreement comes as the U.S. fuel market faces strong pressure. Reuters reported that oil prices in the United States have risen by around 70% since the war with Iran began and have reached $6.28 per gallon.

The U.S. administration is considering ways to reduce costs, with less than four weeks remaining before the midterm elections scheduled for November 3.