OPEC headquarters in Vienna “You keep using that word. I do not think it means what you think it means.” The much heralded meeting of oil producers in Algeria led to an “understanding” according to people familiar with the matter. But the jump of more than 5% in oil prices Wednesday, the best in nearly six months, seemed more like a misunderstanding. The day’s only fundamentally bullish development was a surprise drop in U.S. crude inventories in a weekly report from the U.S. Energy Information Administration. The Organization of the Petroleum Exporting Countries didn’t agree to anything more than a set of parameters. True, the reported range of between 32.5 million and 33 million barrels a day is technically a cut, seems even better than the proposed freeze. But the can has been kicked to the next official OPEC meeting and, most important, the details of who will cut […]