Energy traders reported that Totsa, the Asian trading unit of TotalEnergies, sold Oman crude oil for April loading to Exxon Mobil via a tender, achieving a premium that reached a multi-year high.
According to informed sources, the crude oil was sold at a price more than $20 per barrel above the Dubai benchmark. The tender involved the loading of up to 2 million barrels of Oman crude oil at the Mina Al Fahal port in Oman between April 1 and 30.
This marks the second time TotalEnergies has sold Middle Eastern crude via tender since the regional oil exports were disrupted by Middle East conflicts. The company previously sold 1 million barrels of Oman crude oil for April loading to ExxonMobil, with a premium of about $7 per barrel a week earlier.
Market data showed that spot premiums for Oman crude oil surged to $30.94 per barrel on Monday, the highest level since 2018.
Traders noted that the war between the United States, Israel, and Iran disrupted shipping in the Middle East, forcing some producers to cut production, which drove up spot market premiums.
