Raising the specter of a global financial crisis, members of the Organization of the Petroleum Exporting Countries (OPEC) appear poised for a new approach in dealing with oil-producing nations outside of the cartel. Or at least, one that’s different from the tactic taken last year. Looking to flex its global muscle as the predominant oil producer in the world, OPEC leader Saudi Arabia refused to cut its production and after Chinese demand waned, the move proved to the global economy the Keynesian theory that oversupply makes for discounted prices. Within 10 months, oil sold per barrel for less than half its previous price. OPEC’s potential about-face is evident in the regular bulletin the organization provides. The July-August 2015 missive leads with a piece called, “Cooperation Holds the Key to Oil’s Future.” “International crude oil prices in July suffered their largest monthly decline since Lehman Brothers collapsed in the United […]