How Saudis can save global oil industry at a tough time

At the virtual meeting of oil producers, now tentatively pushed back to Thursday from Monday, it should give its counterparts – including those who don’t show up – a clear binary choice and an unequivocal ultimatum.

THE global oil industry is on its knees. Without action from producers to reduce supply, the situation will get much worse as the world runs out of places to store crude pumped out of the ground that nobody wants.

A big production cut could delay reaching that breaking point, perhaps for long enough for demand to start to pick up again. But it won’t happen unless everybody plays their part.