Remember when OPEC was a cartel that attempted to stabilize oil prices by manipulating its production? No longer. Saudi Arabian Minister of Petroleum Ali Al-Naimi made a surprising statement at a UN climate-change meeting in Lima, Peru. "Why should I cut production? You know what a market does for any commodity. It goes up and down and up and down,” Al-Naimi said, according to Bloomberg. This is interesting, as Al-Naimi is ostensibly the most powerful man in the cartel that has been manipulating the global oil market since 1960. The whole point of OPEC is to use collective action, through tightly controlling the ... (full story)