Russian Deputy Prime Minister Alexander Novak said that Russia will be able to restore diesel exports to levels exceeding those announced by US President Donald Trump under an agreement with Moscow, sparking criticism from Ukraine and some US lawmakers.
On Friday, Trump announced Russia's approval to supply diesel to global markets, saying that his administration had temporarily lifted US sanctions on Russian fuel, which were designed to deprive Moscow of any revenues it might use in its war with Ukraine.
Novak told the state channel “Russia-24”: “We will see how the situation develops, but Russia has the ability to increase diesel fuel exports... By the end of the year, exports may range between 3 million and 3.5 million tons per month, returning to the levels they were before the crisis.”
Russia's diesel exports collapsed due to Ukrainian attacks on oil refineries and Moscow's own restrictions on foreign sales.
Russia has frequently targeted Ukraine's energy infrastructure since it launched a full-scale war in 2022.
Before Ukraine launched a wave of drone attacks on Russian oil refineries during 2024 and 2025, Russia's diesel exports exceeded 3 million tons per month.
Despite Moscow's self-imposed export ban, Russia continued to supply diesel to countries, mostly in Central Asia, under government agreements.
Sources in the sector said, according to Reuters, that Russian diesel exports to Central Asia amounted to 427 thousand tons last month.
The Kingdom is moving to enhance its capabilities in producing gas and liquefied gas, through the expansion of facilities and infrastructure related to the sector, in the context of the growing demand for gas and its role in the energy mix, as Saudi Aramco aims to increase gas sales by 80 percent by 2030, compared to the levels of 2020 and 2021.
This is what was revealed by the Executive Vice President of the Gas Business Sector at Saudi Aramco, Abdul Karim Al-Ghamdi, during the dialogue session within the work of the World Petroleum Conference, in Riyadh, today, revealing the establishment and start of operation of between 6 and 7 gas and liquefied gas facilities during the period from 2025 to 2027.
He said that oil production assets and export capabilities are distributed in different regions of Saudi Arabia, which enhances the ability to deal with unrest and unexpected scenarios, and that his country has an extensive gas network, in addition to the main gas system that extends thousands of kilometers from east to west.
He explained that more than 90 percent of the materials needed by Aramco were provided from local sources during the turmoil associated with global conflicts, and that his company relies on partnerships in a number of assets and facilities, including refining facilities and pipeline networks.
According to Al-Ghamdi, the flexibility of the energy sector is not limited to dealing with crises after they occur, but rather includes anticipating potential failures, protecting assets, diversifying their locations geographically, and ensuring their ability to work in exceptional circumstances.
He added that Aramco relies on integrated operating systems, interconnected supply chains, and advanced data analysis solutions to help protect facilities and reduce the risks of disruption.
The pound sterling fell slightly against the euro on Tuesday, after recording in the previous session its highest level in about 16 months, supported by a decline in financial concerns and increasing expectations of a rise in interest rates by the Bank of England.
The pound rose against the dollar, which in turn declined, with oil prices falling and market expectations that geopolitical tensions would remain under control ahead of the US congressional midterm elections, according to Reuters.
The pound increased by 0.19 percent to 1.334 dollars, while it fell by 0.05 percent against the euro to 84.48 pence per euro, after reaching 84.45 pence on Monday, which is its highest level since June 2025.
ING currency strategist, Francesco Pizzoli, said that the special risks surrounding the euro are unlikely to disappear soon, adding that the Bank of England has sent clear enough signals of its willingness to raise interest rates.
He added: “We still believe that interest rate expectations in Britain for 2027 tend to be overly stringent, as they indicate increases of 100 basis points by July, but the possibility of implementing one or two increases is becoming stronger.”
For her part, policymaker at the Bank of England, Megan Green, said on Tuesday that the International Monetary Fund raising its forecast for the growth of the British economy this year reinforces indications that monetary policy is not imposing sufficiently large restrictions.
The British budget expected on October 28 represents one of the potential risks for the pound, in light of the limited concerns expressed by investors about the financial outlook. The Governor of the Bank of England, Andrew Bailey, recently warned of the need for governments to intensify their efforts to restore confidence in public financial conditions.
Analysts pointed to Prime Minister Andy Burnham's statements on Monday that he would seek to reach an agreement to improve trade relations with the European Union during a summit scheduled for next month, in a move seen as a supportive factor for the outlook for the British pound.
Rabobank noted that net short positions on the pound sterling increased for the third week in a row, reaching the highest level since June, in a reflection of investors’ concerns about the British budget.
On the other hand, net short positions on the euro increased further, reaching the highest level since February 2020, while the euro was the worst-performing currency among the major G10 currencies since the beginning of the month.
