Hungary to Agree to Buy Oil From US at Orban-Vance Meeting

Hungary will reach a deal to buy oil from the US during a visit in 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.

Hungary’s energy company Mol Nyrt. will agree to purchase 500,000 tons for approximately $500 million, said the person, who asked not 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.