Global oil inventories could rise sharply despite an agreement by OPEC and its allies to deepen output cuts, as well as lower expected production by the United States and other non-OPEC nations, the International Energy Agency (IEA), said on Thursday.

Oil market to remain oversupplied despite OPEC+ pact, says IEA

OPEC's share of India's oil imports fell to 73 per cent in October, its lowest monthly share since at least 2011, tanker data from sources showed, as refiners shipped in fuel from the United States and other suppliers.

OPEC's share of indian oil imports fell down 43% , lowest since 2011

An attack on Saudi oil facilities on Saturday is believed to have disrupted half the country's production capacity, making the United States the only real holder of the global supply cushion via its ability to raise own output or to soften sanctions against other major oil producers.

Global spare oil capacity in United States hands after Saudi outage

Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia should keep supplies restricted at current levels, and in relief that the United States withdrew a tariff threat against Mexico, removing a cloud over the global economy.

Oil prices rise as Saudi producers stick with ongoing supply cuts

Oil prices dropped on Thursday, extending falls from the previous session amid surging US crude inventories and weak demand from refineries. Brent crude futures, the international benchmark for oil prices, were at $70.

Oil prices fall on surging US crude stockpiles, economic concerns

*By: Gregory Brew The Organization of the Petroleum Exporting Countries likes to look united. That’s evident when OPEC leaders meet in Vienna at the end of each year to decide how much oil its members will aim to produce the next year.

Saudi Arabia is allying with Russia to shore up oil prices as OPEC's power wanes

Brent crude oil futures were at $73.71 per barrel at 0655 GMT, down 15 cents, or 0.2 percent, from their last close and almost $1.8 below the November-2014 high of $75.47 a barrel reached the previous day.

Oil dips away from late-2014 highs as rising US supply clouds bull-run