TotalEnergies dominated the Middle East’s physical oil market in March, taking advantage of the wartime disruption to make a bumper profit.
One person close to the French group said its traders had made more than $1bn after buying up every cargo of crude oil produced in the United Arab Emirates and Oman to load in May that was available to buy in March. That amounted to 70 cargoes, more than double its purchases in February.
“Potentially, this is the biggest position-taking ever made in the history of oil markets,” said Adi Imsirovic, a lecturer in energy systems at the University of Oxford.
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