EU trade deal with Trump helps Europe ditch Russian fuels

The new trade deal that President Trump unveiled with the European Union includes a European pledge to buy $750 billion worth of U.S. energy.Why it matters: European Commission President Ursula von der Leyen said it will help the bloc further wean itself off Russian gas.The $750 billion is spread across three years, she told reporters in Scotland on Sunday.The big picture: "We still have too much Russian LNG that is coming through the back door ... to our European Union," von der Leyen said, and also cited some continued oil shipments. "We want to absolutely get rid of Russian fossil fuels, and therefore it is much welcome to purchase the more affordable and better LNG from the United States," she said.EU pipeline imports of gas from Russia, once its dominant supplier, have fallen greatly. But imports of Russian LNG remain substantial. What we're watching: EU members' purchases of U.S. LNG and oil have risen sharply since Russia invaded Ukraine.And European energy companies have already been signing deals for future LNG volumes from U.S. projects that are planned or already under construction. The bottom line: Details are lacking. The big question is how much this increases purchases that would have occurred anyway.ClearView Energy Partners, in a note, said that even if the $250B annually includes existing U.S. energy exports to the EU of roughly $78B per year, it would still be a big jump. The total "would far outstrip" U.S. energy purchases in Trump's "phase one" deal with China, ClearView said."Even if the total were inclusive of existing purchases, it would still represent nearly ~$175 B/Y of additional energy goods exports by value (not counting biofuels, petrochemicals and uranium)," it added.

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