Trump plans to ease access to tax-free diesel

President Donald Trump is preparing to ease limits restricting the use of a tax-exempt variety of diesel, his bid to pare costs for the essential fuel ahead of the November midterms. The administration is expected to unveil the plan targeting red dyed diesel on Monday.

The oil stockpiles that cushion the world from supply shocks have become "scarily thin," putting markets at risk of worsening unless Hormuz reopens, according to the head of Aramco. When the US-Iran war began, the world had 10 billion barrels of reserves , that has fallen to less than 6 billion, he said.

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A framework for Saudi Arabia and the United Arab Emirates to cooperate with Asian countries on oil stockpiling is set to be launched, with Japan supporting the initiative through financial assistance and stockpiling expertise, the Nikkei daily said on Monday. Japan is expected to share the framework on October 11.