Trump announces Russia will release 2.2 million barrels of diesel 'immediately,' with more to follow

President Trump announced on Friday that Russia will "immediately" release hundreds of thousands of tons of diesel into global markets, in an effort to combat spiraling prices around the globe.

In a social media post, Trump said he'd struck a deal with Russian President Vladimir Putin for a quick release of 300,000 tons (about 2.2 million barrels), followed by another 500,000 in November and 1 million tons "immediately thereafter." That comes out to about 13.5 million barrels.

"Between our TOTAL CONTROL of the Strait of Hormuz, and this great announcement on Russian Energy, Diesel Prices for Americans and, indeed, the World, will be COMING DOWN, IN RECORD NUMBERS, AND FAST!" Trump wrote on Truth Social .

Diesel prices have soared in recent weeks, averaging $6.28 per gallon on Friday, according to AAA. The administration has pulled other levers in an attempt to reverse the rise, with just weeks to go before the midterm elections, in which cost-of-living and economic issues are at the forefront of voters' minds.

Rob Thummel, senior portfolio manager at Tortoise Capital, told Yahoo Finance on Friday that the release of Russian oil onto global markets should bring some short-term price relief but is not a long-term fix.

"This is not going to dramatically change the price of diesel, but I do think it will push the price of diesel down, you know, over the next at least few weeks," Thummel said.

The initial 2.2 million barrels is less diesel than the US uses for transportation in a single day .

After initially floating a domestic ban on diesel exports , Trump backed off that notion and later joined a global agreement by G7 nations to release up to 100 million barrels of emergency oil and diesel over the next four months.

He also relaxed restrictions on red-dyed diesel, an untaxed fuel that is used primarily in agriculture. Experts say that move is likely to bring some relief to farmers but may not help America's truckers.

To enable the deal with Moscow, the Treasury Department relaxed sanctions on Russian energy, allowing it to be imported into the US . A document posted to Treasury's website eases the restrictions on Russian diesel through April 7, 2027.

Patrick De Haan, GasBuddy head of petroleum analysis, posted on X that he's skeptical about Russia's ability to deliver that much supply.

"It may be difficult to achieve. The psychological impact may reduce prices temporarily but it'll take more time to determine if Russia has such ability," he wrote. "Some impact short term, perhaps 10-20c/gal."