TotalEnergies’ aggressive crude buying distorts Middle East oil prices

March 26, 2026 (MLN): TotalEnergies has emerged as a major force behind a recent dramatic surge in Middle Eastern crude oil prices.

The French energy giant’s trading arm, Totsa, reportedly acquired more than 40 cargoes of regional crude including Oman and Murban totaling over 20 million barrels during the Platts Market on Close (MOC) trading window.

The scale of these purchases, combined with ongoing supply disruptions caused by regional conflicts, propelled Oman crude futures to an all-time high of $152.58 per barrel, according to Bloomberg.

 Furthermore, it is noted that the concentrated buying and the thin liquidity in the Platts MOC process created a pronounced distortion, with Oman crude trading at a record premium of nearly $55 above Dubai swaps.

The surge is described as partly “unnatural,” given the low number of active market participants and the abrupt price movements.

However,  emphasis is made on the underlying supply shortages in the region which were a key driver of the volatility.

TotalEnergies’ trading strategy coincided with a 15% drop in the company’s own Middle Eastern production due to conflict-related disruptions.

While the purchases appeared aggressive, higher crude prices offered a potential offset to the production losses.

This episode highlights the significant influence a single major player can exert on oil benchmarks, particularly in markets with limited trading liquidity and regional instability.

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