Saudi Arabian oil minister Ali Naimi left OPEC’s Vienna meeting on Thursday saying the group had made “a great decision.” Oil markets didn’t agree. In the weeks leading up to the decision, expectations had built for a cut in output, not least because of the sharp fall in demand for OPEC oil that forecasting organizations–including OPEC itself–were projecting for the first half of next year. But when Naimi signaled early Wednesday that the oil market would eventually stabilize itself, it became clear that the Saudis were not interested in cutting output. The confirmation on Thursday that OPEC would simply roll over its 30 million b/d ceiling and arrange to meet again in June next year sent prices into freefall. Brent, having closed the previous day at $77.75/barrel, […]