The international cartel of oil producers has long followed the same basic strategy. When the market was soft, the group slashed production to raise prices. But Saudi Arabia, the heavyweight of the Organization of the Petroleum Exporting Countries, has a new agenda. It is now less concerned about the price of crude oil in the global markets and more concerned about delivering fuel to its growing economy. The shift is upending the traditional market dynamics that have influenced the direction of oil prices for decades. While American producers are pulling back in the face of the current weak prices, Saudi Arabia, the largest OPEC producer by far, has been pumping more […]