OPEC may take action if crude's slide continues

After recovering from the winter's lows, oil plunged back into bear market territory last week, and reports surfaced that the cartel plans to meet on the sidelines of an energy conference in Algeria in late September. On Monday, OPEC President Mohammed bin Saleh al-Sada, Qatar energy minister, confirmed that meeting, and oil rose nearly 3 percent. West Texas Intermediate settled at $43.02 per barrel.

"One thing they really could do is bring forward the Venezuelan proposals to explore production bands for individual countries," said Croft. She said they would not likely take action but could form a committee to study the Venezuelan idea. 

"Even talk of a new mechanism would be enough to change the sentiment if you have people thinking OPEC might be out there and be relevant again. The thing I took away from June was they were saying, 'Don't assign us to the dustbin. We're still relevant,'" said Croft.

But since OPEC agreed in November if 2014 to let the market set oil prices, some of the hardest hit members have worked unsuccessfully to bring about an oil production freeze that would give OPEC more control over pricing through production.

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