An OPEC effort to balance the market, which includes support from producers like Russia, has added about $25 per barrel to oil, the Saudi oil minister said. The Organization of Petroleum Exporting Countries is now in its second year of an effort to drain the surplus on the five-year average for global crude oil inventories with coordinated production cuts. The gap between global supply and demand since implementation last year is shrinking and holding oil prices near four-year highs. Saudi Energy Minister Khalid al-Falih told Russian news agency Tass the deal set a floor under the price of oil and put more revenue in government coffers. By his read, at least $25 on the […]