OPEC ministers at a meeting in Vienna last week. When will oil producers slash output and who will do the cutting? Those questions have gripped markets as crude prices have continued their descent. On Friday, they fell to their lowest level since late 2008, the peak of the global financial crisis, on the back of a bearish report on the outlook for oil supply. Even so, investors might do better to abandon the “game of chicken” metaphor and consider an age-old saying: “The market is always right.” Right now, oil prices are telling forecasters that their assumptions were wrong for 2015 and to consider even more pessimistic scenarios for early 2016. They would do well to heed that message. So far, though, the behavior of producers world-wide has been based on at least some faulty assumptions, exacerbating the current decline. For example, Saudi Arabia, the leading producer in the […]