Opec and major non-Opec producers are preparing for informal talks on the sidelines of the International Energy Forum (IEF) in Algiers next week. The topic of course is the persistent supply glut that has prevented oil prices from pushing above $50/B for any prolonged period this year. But despite the financial pain this is inflicting on many members, it’s far from clear that Opec kingpin Saudi Arabia desires prices to rise any time soon.

Yes, the kingdom’s finances are hurting...