TotalEnergies Secures Record Middle East Oil Purchases Amid Dubai Market Surge

TotalEnergies has finalized a substantial purchase of 2.8 million barrels of crude oil from Middle Eastern producers via the Dubai trading window during the week ending February 26, 2026. This transaction represents a 35% increase in volume compared to the same period in the prior year and positions the French energy major as a leading buyer in the region’s spot market. The acquisition includes a mix of grades, with 1.4 million barrels sourced from Iraq’s Basra Light and 1.1 million barrels from Saudi Arabia’s Murban crude. A smaller portion, 300,000 barrels, came from UAE-based Fujairah exports. The deal reflects TotalEnergies’ ongoing strategy to diversify supply chains and bolster short-term inventories ahead of seasonal demand peaks in the Northern Hemisphere. Market analysts note that the volume purchased exceeds the average weekly throughput of 2.1 million barrels seen in the Dubai market over the past 12 months. The increased activity coincides with tighter supply conditions in the Persian Gulf, driven by production adjustments and reduced export capacity from key Gulf suppliers. This has led to heightened competition among Asian and European traders for available barrels. The transaction has prompted immediate ripple effects in the regional crude derivatives market, with front-month Dubai Futures contracts rising 2.3% in the days following the announcement. European refining hubs, including those in Rotterdam and Antwerp, are expected to benefit from the incoming volumes, as TotalEnergies prepares to process the crude in its European refining network. The company has also signaled plans to increase imports from the Middle East by up to 10% over the next quarter.