In theory, the agreed amount of about 800,000 tons during the month of November is around 5.9 million barrels of diesel, the amount of oil needed to refine such an amount is 17.5 million barrels (give or take depending on the process).

In theory, the agreed amount of about 800,000 tons during the month of November is around 5.9 million barrels of diesel, the amount of oil needed to refine such an amount is 17.5 million barrels (give or take depending on the process).

Now let's look at the current rate of EU diesel consumption per month, 100-120 m barrels of diesel, per month. (according to Reuters)

In theory even if it passes, it only means a slight dent in the price of diesel and refined products.

Trump also said that the sanctions would not be suspended, instead they were going to create a "bypass" using the Treasury facilities to allow this process. Something that President Putin refused to accept, oil cannot be sold until the sanctions are lifted.