TotalEnergies Sells Oman Crude at Record Premium: What It Means for Oil Investors and Businesses in Oman
MUSCAT, March 11 — TotalEnergies’ trading subsidiary, Totsa, has sold Oman crude oil to ExxonMobil at a record premium, underscoring tightening supply conditions and increased volatility in global oil markets amid escalating geopolitical tensions in the Middle East.
Traders report that Totsa, TotalEnergies’ Asian trading arm, sold April-loading Oman crude to ExxonMobil at a premium exceeding $20 per barrel above Dubai benchmark prices—a multi-year high for this grade.
The transaction follows a tender issued by Totsa offering up to two million barrels of Oman crude scheduled for loading between April 1 and April 30 from Mina Al Fahal, Oman’s main crude export terminal. The tender closed earlier this week.
Market sources indicate that strong demand for Middle Eastern crude, especially benchmark grades like Oman crude used in pricing exports to Asia, is driving this premium.
This sale marks TotalEnergies’ second tender-based deal for Middle Eastern crude since the recent conflict involving Iran disrupted regional energy flows and raised concerns over Gulf supply security.
Just last week, TotalEnergies sold one million barrels of Oman crude for April loading to ExxonMobil at a $7 per barrel premium over Dubai quotes, highlighting how quickly market conditions have tightened.
Traders also noted that spot premiums for Oman crude surged to $30.94 per barrel on Monday, the highest level recorded in Reuters data since 2018. This sharp rise reflects growing worries about shipping disruptions and reduced output from regional producers.
The Gulf remains a vital route for global energy trade, with nearly 20% of the world’s oil shipments passing through the Strait of Hormuz. Any disruption in this area has an immediate and significant impact on market sentiment and pricing.
Meanwhile, official data showed the price of Omani crude for May delivery reached $118.73 per barrel on Wednesday, an increase of $3.88 from Tuesday’s $114.85.
Despite this surge, the average monthly price for Omani crude scheduled for March delivery was $62.17 per barrel, up slightly by 8 cents compared to the February average.
Analysts say these recent sales emphasize the strategic importance of Oman crude in both regional and global oil markets, especially during times of heightened geopolitical uncertainty.
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The record premium paid for Oman crude signals intensifying supply constraints and elevated geopolitical risks in the Middle East, creating a bullish outlook for Omani oil exports. For businesses, this represents a strategic opportunity to leverage Oman’s role as a key oil benchmark amid rising demand and market volatility. Smart investors and entrepreneurs should consider diversifying into energy-linked sectors and monitoring regional stability closely, as disruptions could further amplify price swings and profit potential.
