Hungary to agree to buy oil from US at Orbán-Vance meeting

Hungary will reach a deal to buy oil from the US during a visit to Budapest by Vice President JD Vance on Tuesday, just days before the country's pivotal general election, according to a person familiar with the matter, Report informs via Bloomberg.

Hungary's energy company Mol will agree to purchase 500,000 tons for approximately $500 million, said the person, who asked not to be named, discussing non-public information. No other details were immediately available. Mol has stepped up Russian oil purchases after receiving sanctions exemptions from both the US and the European Union.

The agreement will be announced during the vice president's press conference with Prime Minister Viktor Orban as Vance seeks to bolster the Hungarian leader, who independent opinion polls show could be ousted in a vote on Sunday after 16 years in power. US President Donald Trump has repeatedly endorsed Orbán, an ideological ally in the nationalist camp and a frequent thorn in the EU"s side.