Oil

OPEC’s oil production dropped to a 2015 low of 30.17 million bpd in May.

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading lower on Friday amid an escalation of geopolitical events

U.S. monthly output peaked at 11.966 million bbl d in December.

Despite lower supplies. crude oil has fallen from a six-month high above $75 a barrel in April to below $68 on Thursday.

Canadian Natural Resources Ltd. can’t yet claim the King of the Oil Sands status. but it’s a lot closer to overtaking its rival Suncor Energy Inc. after buying a key Athabasca drilling site.

China. the top buyer of Iranian oil. dismissed Washington’s warning to Hong Kong that it could face penalties if it provides services to a vessel carrying Iranian oil headed for the autonomous territory.

Oil giants probably won’t be buying up the Permian basin’s struggling independent drillers any time soon.

From Russia to Saudi Arabia. Iran to Venezuela. the list of crude oil supplies being curtailed or disrupted around the world is growing longer by the month.

South Korea became the second-largest importer of Iranian oil in April after India scaled back.

OPITO. the global. not-for-profit skills body for the energy industry. has appointed Brandon Grosvenor to the new role of V.P. of strategic development for the Americas region.