Producers around the world—from embattled drillers in war-torn Iraq, to shale concerns in the U.S.—aren’t being scared off by cheap prices. Leaders from some of the world’s most productive oil-exporting nations will meet this week in Vienna, just as oil prices have begun to stabilize at around $60 per barrel. As we near peak summer driving season, American consumers would have worried a generation ago that such a meeting would be an impetus for a pullback in production, with oil exporters aiming to raise prices by limiting supply. But the world has changed a great deal since the height of OPEC’s power in 1979, when member nations accounted for 50% of global oil production , compared with less than one-third today. When Fortune published its report on the collapse of oil prices in February, investors like Jeremy Grantham told us that oil would be heading back to a price […]