The EU has agreed to buy $750 billion worth of oil and gas from the US. There could be a problem.

• The European Union will have to buy energy carriers worth USD 750 billion from the US.
• There is no technical possibility of fulfilling the assumed obligations.
• The EU cannot become dependent on American oil companies.

The signing by US President Donald Trump and European Commission President Ursula von der Leyen of an agreement to impose a 15% tariff on imports of EU goods was seemingly interpreted as a success for both sides.

However, the news coming out of the Scottish town of Turnberry is not entirely reassuring. It demonstrates a lack of rationality on the part of EU negotiators.

One may get the impression that in the name of so-called higher goals, they yielded to strong pressure and agreed to all the conditions prepared by the American side.

The EU will buy $750 billion worth of American gas and oil within three years.

The case concerns, among other things, the obligation for twenty-seven member states to purchase energy carriers worth USD 750 billion, or EUR 640 billion at the current exchange rate, over the next three years.

The scale and value of imports alone is shockingly high, as it requires a threefold increase in purchases of natural gas, as well as crude oil, aviation fuel, diesel fuel and fuel for nuclear power plants.

As reported by the economic daily "Financial Times" - Energy experts warn that Donald Trump's agreement with the European Union on oil and natural gas is impossible to implement -.

During a press conference after the talks in Turnberry, European Commission President Ursula von der Leyen said: "We still have too much Russian LNG, which is once again coming through the back door to the European Union, as well as some Russian gas and oil that we don't want (...) We will replace Russian gas and oil with significant purchases of liquefied gas, oil and nuclear fuel from the USA."

A new agreement on tariffs on imported goods from the European Union will take effect on August 1. However, it already seems that the commitment to increase purchases of American energy resources is practically impossible to fulfill.

In 2024, according to Consilium.europa.com, imports of liquefied natural gas to the European Union totaled just over 100 billion cubic meters. LNG's share of EU fuel demand was 34%.

Supplies from the US accounted for 45%. In the first quarter of this year, due to low temperatures and increased demand from the US, their share increased to 50.7%.

Estimates assume that purchases from American gas terminals are possible in the coming quarters, but the problem will be the lack of a fleet of gas carriers.

Specialized ships are contracted for the implementation of long-term contracts and will not technically be able to transport liquefied gas.

European companies extract oil and gas themselves

In the case of crude oil, the situation seems a bit easier, but it must be remembered that European fuel companies such as the Italian Eni, the French TotalEnergies, the British BP, the Dutch Shell and finally the Norwegian Equinor exploit their own deposits and will not willingly give up market share.

American oil accounted for 15% of supply last year. With constant consumption, there is room for a maximum of an additional 10%.

However, these efforts fall short of the declared limit of $250 billion in annual purchases. What will be the consequences?