China's crude oil output drops by most in 15 yrs
China's crude oil production in May fell by 7.3% year-on-year, its biggest drop since February 2001, according to data from the country's National Bureau of Statistics. This comes after the Organization of Petroleum Exporting Countries (OPEC) failed to reach an agreement on oil production cap. China's production drop is an indicator that global oil markets are rebalancing, analysts said. 