16 Mar Energy / Automotive news and analysis | Iran conflict continues to disrupt energy markets
(Oilandgaspress) Oil stocks Up on FTSE. BP up 1.7 per cent, trading at 543.6p.. The US has called on Nato allies to help reopen the Strait of Hormuz as the price of oil continuing to rise from the blockage of the narrow waterway, IEA Member countries launching the largest ever release of emergency oil stocks to counter the supply disruptions. Production at Ras Laffan in Qatar shut down following an attack on the facilities on 2 March.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $97.20 | Up |
| Crude Oil (Brent) | USD/bbl | $103.30 | Up |
| Bonny Light 13/03/26 CBN | USD/bbl | $103.69 | — |
| Dubai | USD/bbl | $127.86 | Up |
| Natural Gas | USD/MMBtu | $3.11 | Down |
| Murban | USD/bbl | $110.08 | Down |
| OPEC basket 13/03/26 OPEC | USD/bbl | $126.90 | Up |
| At press time(noon) March 16, 2026 |
Neste has successfully commissioned its new upgrading facility for liquefied waste plastic (LWP) at its Porvoo refinery in Finland. This EUR 111 million investment marks a major milestone in the scale-up of chemical recycling, enabling the production of high-quality feedstock for the plastics and chemicals industry. With an annual capacity to process up to 150,000 tons of liquefied waste plastic, the facility is the world’s largest LWP upgrading facility, and processing will be gradually ramped up. The new facility allows Neste to close the quality gap between crude liquefied plastic waste and the high-quality drop-in raw materials required by the petrochemical industry. While mechanical recycling remains essential, it is often limited by the quality of the waste. Neste’s new facility is specifically designed to process oils derived from challenging waste plastic streams – such as multi-layer packaging, mixed plastic waste, and contaminated plastics. .Related News
Honda Motor Co., Ltd. announced that it has made a decision to cancel the development and market launch of three EV (electric vehicle) models that had been planned for production in North America. This decision was made as part of the reassessment of the company’s automobile electrification strategy due to various factors including recent changes in the business environment.
Consequently, Honda now expects to record losses in its consolidated financial results for the fiscal year ending March 2026, resulting in the revision of previously announced forecasts for the consolidated financial results for the fiscal year. Honda had been making steady progress in pursuit of EV adoption by leveraging its stable earnings base provided by existing gasoline and hybrid vehicle business based on technologies and know-how amassed through the development of hybrid models over many years, and motorcycle and financial services businesses with a solid customer base.
However, the profitability of Honda automobile business is currently declining due primarily to 1) the unfavorable impact of changes in U.S. tariff policies on the gasoline and hybrid vehicle business and 2) a decline in the competitiveness of Honda products in Asia due to the impact of the allocation of more resources to EV development… Related News
U.S. Rig Count is up 2 from last week to 553 with oil rigs up 1 to 412, gas rigs up 1 to 133 and miscellaneous rigs unchanged at 8.
Canada Rig Count is down 8 from last week to 197 with oil rigs down 8 to 131, gas rigs unchanged at 65 and miscellaneous unchanged at 1.
International Rig Count is up 33 from last month to 1,112 with land rigs up 25 to 873, offshore up 8 to 239. International Rig Count is up 15 rigs from last year’s count of 1,097, with land rigs up 22 offshore rigs down 7.
| Region | Period | Rig Count | Change |
| U.S.A | 13 February 2026 | 553 | +2 |
| Canada | 13 February 2026 | 197 | -8 |
| International | February 2026 | 1,112 | +33 |
| Baker Hughes |
The Alfa Romeo 33 Stradale claimed the “Design of the Year” award in the 2026 edition of the “Carro do Ano: Troféu Volante de Cristal” in Portugal.
Internationally recognised as an icon of design, engineering and emotion, the 33 Stradale has now also stood out in Portugal’s most prominent automotive contest—excelling in a category where it fulfils, without exception, all the criteria of a truly handcrafted piece, rooted in heritage yet conceived for the future.
The 33 Stradale travelled to Portugal for an exclusive presentation to the jury, allowing members to admire every detail of this unique creation—from its sculptural proportions to the exemplary way it integrates form, function and performance. The model was also featured in a special showcase at the Armando Martins Museum of Contemporary Art (MACAM) in Lisbon, where it could be experienced in an artistic environment that emphasised its nature as a true work of art on wheels. As the ultimate expression of Alfa Romeo’s vision, the 33 Stradale is a car built without compromise, blending the brand’s historical legacy with cutting‑edge technology. Related News
An Opel Combo Electric is the 17-millionth vehicle produced at Stellantis Vigo since it began operations in 1958. Painted in Kiama Blue, the milestone vehicle is equipped with a 100 kW (136 hp) electric motor and will be marketed in Slovakia. This is the first model of the German brand manufactured at the Vigo plant.
To celebrate this milestone, a commemorative photograph was taken on 11 March with the vehicle, featuring workers from all workshops and services at the plant, representatives of the Works Council and members of the Stellantis Vigo Management Team.
The latest generation of the Opel Combo has been produced in Vigo since its launch in July 2018. Since then, a total of 370,000 units have come off the production lines, 92% of which were destined for international markets. The plant currently produces 150 units per day of this model. Related News
BMW Group is reaffirming its holistic approach to product sustainability – shining a light on a relevant dimension of product development that has been less visible up until now: health and well-being in the passenger compartment. To address this aspect of vehicle development, interior air quality, material selection and olfactory perception are systematically studied and evaluated at the company’s own odour laboratory.
Holistic product sustainability as a guiding principle.
The BMW Group considers sustainability throughout a vehicle’s entire lifecycle – from raw material extraction through the supply chain and production all the way to the use phase and recycling. This 360° approach combines product sustainability, technological innovation and long-term company success. Health and well-being are embedded into product development and systematically integrated into processes and standards. Interior air quality and its impact on health. Related News
In the BMW i3, as with the BMW iX3, the BMW Group applies a 360° approach to sustainability. At its core is decarbonisation throughout the entire vehicle lifecycle – from product development through the supply chain and production to the end of the use phase. In this way, the second Neue Klasse model also contributes to achieving the ambitious, overarching CO2e targets the company has set itself. Depending on the drive train variant, annual mileage and source of the electricity used for charging, the new BMW i3 50xDrive already achieves a CO2e advantage over a comparable model with an internal combustion engine after one to two years of use[1].
Decarbonisation in the supply chain.
Targeted decarbonisation is a key starting point for reducing CO2e emissions throughout the supply chain. The use of renewable energies, the increasing share of secondary material, and product and process innovations – for example, in the Gen6 cell and high-voltage battery – contribute to a significant emissions reduction across the entire supply chain.
The results of this systematic approach are demonstrated by the emission reductions achieved: Specific measures during product development of the BMW i3 lowered supply chain CO2e emissions by about a third. Related News
The first jointly developed model by Volkswagen and XPeng Motors, the YOZ 08, officially went into production as planned at Volkswagen Anhui. From the signing of the joint development technology cooperation agreement to mass production, it took only 24 months. In 2023, Volkswagen Group and XPeng Motors reached a long-term strategic cooperation agreement, focusing on product development and technological innovation, jointly creating two pure electric models. The mass production of the first jointly developed model marks the realization of the results of their technological cooperation and demonstrates the value of their long-term strategic partnership. Following the YOZ 08, the second jointly developed model will also be launched this year. Related News
At Woodside’s Sustainability Briefing 2026 today, Acting Chief Executive Officer Liz Westcott outlined the central role of sustainability in Woodside’s strategy and delivery of long-term shareholder value.
Ms Westcott said the briefing highlights how Woodside’s sustainability priorities drive business performance and deliver value for shareholders and the communities in which Woodside operates.
“Our performance is supported by strong governance and risk management at the Board and senior
management levels of Woodside.
“By providing energy the world needs, and doing so responsibly and sustainably, we are well placed to build a resilient, profitable business that delivers long-term value for our shareholders.”
Woodside’s Sustainability Report (released as part of the Annual Report) and 2025 Climate and
Sustainability Summary were released on 24 February 2026. Read More
The impact of higher energy prices varies depending on the sector and the quantity and type of energy used. Aviation and shipping, for instance, are among the most energy-intensive sectors. They are primarily reliant on refined oil products whose prices have increased. Many manufacturing sectors also consume significant amounts of energy, relying more on gas and electricity to produce heat and as a feedstock in the production process. By contrast, other sectors such as construction, retail trade, and healthcare are less energy-intensive.Many industries used less oil and/or gas in 2025 compared to the average in the period 2016-2019 per output. However, the current price increase due to the Middle-East conflict could be a new blow to European industry, which is just starting to recover. The chemical industry, in particular, stands out. There are (at least) two explanations for the lower energy intensity Related News
In a week when Brent crude breached the $100/barrel mark, UK gas prices more than doubled and we find we only have two days of strategic gas stocks available to the country we really need a rapid reassessment of our priorities. Nothing is more important for national security than energy independence. Without reliable energy in a conflict situation then there is jeopardy in running hospitals, transportation, manufacturing and basic essentials such as heating and lighting. Our strategic defence capability is totally undermined just when we need it most. Without a reliable supply of energy, the country is crippled.
The world is becoming increasingly turbulent. There are multiple conflicts across the globe with a major escalation happening right now in the Middle East. There are no signs that these conflagrations will abate. Or that humans will suddenly become a peaceful species. Recent history demonstrates that these conflicts have an immediate and dramatic impact on our energy security as demonstrated by the Ukraine War and the current Middle East crisis. Energy prices in the UK and Europe have skyrocketed since the start of the Iran war. Related News
UK must take action to reduce energy demand to limit impacts on households that are already suffering through the cost-of-living crisis. Oil and gas prices are rising sharply as the armed conflict brings shipping in the Middle East to a halt. Qatar’s gas liquification shut-down promises to drastically impact LNG supply chains for the foreseeable future. Present analysis indicates that any reductions to household energy bills from recent government price interventions will be more than wiped out by higher gas prices. As the conflict continues, these prices are expected to rise. Households can ill afford these additional costs.
Government will soon be under pressure to respond to rising costs. Indeed, during the last energy crisis following the Russian invasion of Ukraine, the UK government spent £51bn on support for energy bills through direct financial transfers. Although this alleviated pressure on households in the short term, those public monies ultimately contributed towards windfall profits for energy companies. Just as significantly, that £51B did nothing to make the UK more resilient to future energy shocks leaving us just as exposed this time around. Related News
The Baker Hughes International rig count is a monthly census of “active” drilling rigs exploring for or developing oil or natural gas outside North America (US & Canada). The Baker Hughes rig count defines active rigs as rigs that are actively conducting
drilling operations on a given well For a rig to be active the below conditions must be met: • The rig must be drilling (turning to the right) • Drilling needs to have occurred for a majority of the week (4 days out of 7) • The active rig must be working on a well which is a significant consumer of
oilfield products and services
| Region | Period | Rig Count | Change |
| Africa, Land/Offshore | February 2026 | 103 | +3 |
| Middle East, Land/Offshore | February 2026 | 538 | +20 |
| Asia-Pacific, Land/Offshore | February 2026 | 207 | +1 |
| Latin America, Land/Offshore | February 2026 | 138 | +2 |
| Europe Land/Offshore | February 2026 | 126 | +7 |
Baker Hughes |
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