Development: As widely trailed in advance, Saudi Arabia exercised its muscle at the Organization of Petroleum Exporting Countries (Opec) on 27 November, rejecting any cut in the group’s 30m barrel per day (b/d) output target. Significance: For Latin American oil producers the news is uniformly bad, including for the likes of Mexico, which is gearing up for the first round of concessions under its landmark new energy reform. With Venezuela and Ecuador (both Opec members), Colombia and Brazil also set to be hit by lower oil export income in 2015, the already-subdued economic outlook for the Southern Cone region could…