It’s possible that the balance between oil supply and demand for the major industrialized economies could slip below the five-year average, the International Energy Agency said Friday. The Organization of Petroleum Exporting Countries is in its second year of an effort to drain a surplus from global crude oil inventories with coordinated production cuts. A market surplus driven by past OPEC policies of defending markets shares with higher production and steady gains in U.S. output helped push the price of oil below $30 per barrel in early 2016. A market report from the IEA said the impact of U.S. oil production is limited by pipeline constraints, while “more than a second Saudi […]