Trump blamed Ukraine for record diesel prices, but analysts named the Strait of Hormuz as the main cause
Kyiv • UNN
Trump linked the rise in diesel prices to Ukraine’s strikes on Russian oil refineries. Analysts believe the impact of the Strait of Hormuz is significantly greater.
U.S. President Donald Trump called on Ukraine to stop strikes on Russia’s oil-refining infrastructure, saying that they are contributing to rising global diesel prices. However, analysts point out that the situation surrounding the Strait of Hormuz has a significantly greater impact on the market, CNN reports, writes UNN.
Details
According to Andy Lipow of Lipow Oil Associates, Russia’s decision to restrict exports amid Ukrainian strikes removed approximately 800,000 barrels of diesel fuel per day from the global market. At the same time, the closure of the Strait of Hormuz affected approximately 1.2 million barrels per day.
Trump said that Ukrainian President Volodymyr Zelenskyy "must stop knocking out diesel fuel in Russia," because, according to him, this "hurts the whole world."
The Kremlin used Trump’s statements to raise the issue of sanctions
Kremlin spokesman Dmitry Peskov called the idea of stopping strikes on energy infrastructure "a very good one," while saying that Russia’s main problem is the access of petroleum products to global markets.
The second necessary step is, of course, the lifting of sanctions. Only then will the world be properly supplied with these petroleum products
CNN notes that Trump’s position may benefit Moscow, as Ukrainian strikes are creating problems for Russia’s oil refining, while the Kremlin is now trying to link the situation in the global fuel market to its demands for sanctions relief.