Hungary Poised for Major Oil Deal with the United States

Hungary is poised to pursue a major oil deal with partners in the United States. A planned purchase of about 500,000 tonnes of crude could be announced during JD Vance’s visit to Budapest.

Terms and parties

The operation would be worth roughly $500 million. The Hungarian oil company Mol is expected to sign the contract.

Details may be disclosed at a joint press event with JD Vance and Prime Minister Viktor Orbán. Officials close to the talks provided the information.

Energy cooperation beyond oil

The proposed purchase forms part of a broader U.S.-Hungary energy cooperation. Last November, Orbán visited the White House and struck additional energy agreements.

• A five-year LNG contract covering 400 million cubic meters was agreed.
• Westinghouse was chosen to supply nuclear fuel for the Paks plant, in a deal valued at $114 million.
• The parties signed a memorandum on potentially buying up to ten small modular reactors. That project could reach $20 billion in value.

Sanctions and strategic waivers

Washington granted exemptions to Hungary regarding Russian oil purchases. The U.S. also extended a sanctions waiver for Serbia’s Naftna Industrija Srbije until May 22.

The waiver aimed to let Mol complete a transaction. Mol seeks to acquire Gazprom Neft’s majority stake in NIS.

Impact on Hungary’s oil supply

Hungary consumes about 7–8 million tonnes of crude annually. Domestic production covers roughly 15–17 percent of that need.

A 500,000-tonne U.S. shipment would represent about 6.7 percent of annual consumption. Current import flows remain heavily reliant on Russia.

• Ninety-three percent of imported crude now comes from Russia.
• More than 70 percent of total consumption is Russian-origin.
• Hungary remains the European Union’s largest importer of Russian oil.

Logistics and route challenges

The Friendship (Druzhba) pipeline remains Hungary’s import backbone when it operates. Its reliability is threatened by the war in Ukraine and EU decoupling policies.

The Adria pipeline has faced capacity and pricing disputes. These disagreements cast doubt on its viability as a full alternative route.

Practicalities of U.S. imports

U.S. crude could help diversify Hungary’s sources. Transport would likely best proceed via a Croatian oil terminal.

However, the import option does not remove all supply risks. Pipeline disputes and regional geopolitics continue to complicate energy security.

Filmogaz.com will monitor developments and report any official announcements following the scheduled Budapest meetings.