19 Mar Energy news updates and commentary 19/03/26
(Oilandgaspress) The Strait of Hormuz, a critical global shipping route that remains largely closed, disrupting the flow of oil and gas supplies worldwide. Iran has reportedly attacked an American F-35 fighter jet and Bazan oil refinery in the Israeli port city of Haifa as Tehran presses ahead with its ‘full-scale economic war’ against the US and Israel. Iran has warned the attacks on its energy infrastructure were a ‘big mistake’ and any repeat would lead to strikes on ‘your energy infrastructure and that of your allies until their complete destruction.
Iraq’s Ministry of Oil has confirmed steps to export oil and oil derivatives via Turkey, Jordan and Syria. According to the state-run Iraqi News Agency (INA), Deputy Minister for Extraction Affairs Bassem Mohammed Khudair said that the State Oil Marketing Organization (SOMO) has begun signing contracts with international carriers and buyers to export fuel oil, crude oil and naphtha through multiple routes.
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Moody’s Analytics has raised recession concerns, with its AI-based economic model now estimating a 49% probability of a US recession within the next 12 months—a figure likely to exceed 50% if the Iran war drives oil prices higher. The company notes this is the highest recession probability recorded in years, backed by a strong historical track record. Recent analysis suggests markets may be underestimating the Iran war’s potential to disrupt global energy markets and damage the global economy, particularly if the conflict persists.
As the Iran conflict continues without resolution, the Strait of Hormuz remains closed, disrupting the flow of approximately one-fifth of the world’s oil supply. Related News
Wall Street is sounding the alarm as Trump’s Iran war threatens to crater an already fragile economy, with financial analysts warning the protective guardrails shielding the U.S. from economic catastrophe are rapidly eroding.
Just three weeks into the conflict, the damage is already mounting. Oil prices have exploded past $100 a barrel with no relief in sight, inflation is climbing, hiring has stalled, wage growth is collapsing, and mortgage rates are surging as market anxiety deepens. The Federal Reserve held interest rates steady Wednesday, but the underlying economic picture is darkening by the day, Politico reported. Related News
Airlines have been warned that they may have to cancel flights as of next month due to fuel shortages, as a result of the US-Israel war with Iran. In a potential devastating blow to Brits planning Easter getaways, airlines face further disruption caused by the oil crisis.
Iran has essentially blocked the Strait of Hormuz, through which one-fifth of the world’s oil is transported as the conflict rages. Related News
European leaders have doubled down on refusing to join the United States and Israel military campaigns in the Middle East as they met in Brussels to grapple with rising oil and gas prices caused by the war. European leaders have deflected entreaties from US president Donald Trump to send military assets to secure the Strait of Hormuz, a key waterway for the global flow of oil, gas and fertiliser. Related News
An extended period of high oil prices as a result of war in the Middle East could “crimp” the AI boom, the World Trade Organization’s chief economist has warned.
The war and its impact on energy and fertiliser costs is the main risk to the global economy identified in the WTO’s latest Global Trade Outlook. Underling the importance of the sector, the WTO calculated that in the first three quarters of last year, about 70% of all investment growth in North America was accounted for by AI-related goods. By comparison, in the three years before the catastrophic US housing crash of 2008, property made up 30% of investment growth. Related News
SLB announced today that its OneSubsea™ joint venture has entered into an agreement to acquire the subsea business of Norway-based Envirex Group AS. As a result of the transaction, Envirex Group AS and their subsea business would become part of SLB OneSubsea.
The proposed acquisition would bring the specialized technologies and R&D strengths of Envirex Group AS into SLB OneSubsea’s global technology portfolio. The transaction is expected to accelerate the deployment of new technology solutions, while expanding the range of innovative services available to customers worldwide at a time when demand for efficient, next-generation subsea solutions continues to grow.
“This agreement represents a natural next step in a collaboration that has developed over more than a decade,” said Mads Hjelmeland, chief executive officer of SLB OneSubsea. “Once completed, the transaction would strengthen our technology portfolio and enhance the value we deliver to our customers.” The transaction is expected to close in the first half of 2026, subject to regulatory approvals and other customary closing conditions. Related News
.SLB continues to closely monitor the unfolding situation in the Middle East and adapt its operations. The safety and security of SLB’s employees is the highest priority, and the company has activated local and regional crisis response teams that are meeting daily. Travel to and transit through the region have been suspended, and the company has begun to demobilize operations in a few countries in response to customer actions to safeguard personnel and facilities. These measures will continue as long as necessary until the environment in the region has stabilized. SLB is working closely with local authorities and its customers to monitor the situation and will begin a phased resumption of full activity as conditions allow.
SLB revenue for the first quarter will be lower than expected, and the company expects to incur additional costs resulting in an impact of approximately 6-9 cents of earnings per diluted share for the first quarter. Given the dynamic nature of the environment, these factors could change, and we will continue to closely monitor developments and their impact.
Despite these near-term disruptions, SLB remains confident in the underlying resilience of its global business, including the Middle East. The company has dealt with numerous geopolitical crises throughout its 100-year history and has deep experience navigating these challenges while remaining focused on serving its global customer base. Related News
India expects to nearly quadruple its solar power capacity and triple wind power-generating assets within ten years, according to the new Generation Adequacy Plan published by the country’s Central Electricity Authority.
India projects to have a total of 509 gigawatts (GW) of solar power capacity installed by the end of the 2035-2036 fiscal year, up from 140 GW installed solar PV capacity as of January 2026. For wind power, the country expects 155 GW of installed capacity within a decade, up from 55 GW as of January this year, as per the generation planning studies in the Central Electricity Authority’s report. Related News
UK’s “Premier One-Stop Solution Company for gas measurement and pressure control equipment has entered administration, according to a notice published on the London Gazette website . Utility Meters Warehouse Ltd (UMW), a specialist provider based in Salford, Greater Manchester, has been providing technical solutions for the utilities industry since 2013, but its technical expertise draws on “50 years of IGEM [Institution of Gas Engineers and Managers] compliance” through its leadership and staff.
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