en.Wedoany.com Reported - Hungarian energy company MOL is expected to sign a $500 million oil supply agreement with the United States on Tuesday. U.S. Vice President JD Vance arrived in Budapest earlier the same day for a visit, with this energy cooperation being one of the key topics of discussion during the talks.

According to Bloomberg, this Hungary-U.S. agreement involves MOL purchasing approximately 500,000 tons of U.S. oil, with the transaction valued at around $500 million. The deal is expected to be signed during Vance's visit, ahead of Hungary's general election on April 12, as the country's energy policy faces adjustments.

As an EU member state, Hungary's energy policy diverges from the official EU stance. The country's senior officials maintain ties with Russia but plan to reduce dependence on Russian gas by 2027 and stop importing Russian oil as soon as possible, which has led to ongoing disputes with other EU member states.

In the upcoming election, Hungarian Prime Minister Viktor Orbán trails opposition leader Péter Magyar in the polls. Magyar has pledged to steer Hungary back towards EU common policies, while Orbán seeks to maintain existing energy relationships. This U.S. oil purchase is seen as part of Hungary's efforts to diversify its energy supply.

The Hungary-U.S. oil agreement is expected to alleviate Hungary's energy pressure while strengthening economic cooperation between the two countries. With the election approaching, energy policy has become a crucial factor influencing Hungary's domestic and international relations.

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