Astana trying to stay in Kremlin’s favour.

Global oil inventories are declining at a record rate as the market absorbs a major Middle East supply disruption, raising the risk of sharp price increases if the Strait of Hormuz remains closed, according to the International Energy Agency.

Wrangling over how effective Ukraine’s drone strikes of Russian refineries has broken out amidst conflicting reports of just how much damage is being done to Russia’s key oil infrastructure.

Ukraine has cut tariffs for gas storage services and introduced new incentives for long-term capacity bookings as Kyiv seeks to accelerate stockpiling ahead of a winter.