The oil and gas industry is in for a new round of cost cutting. It also needs a dose of fresh thinking. Oil prices are under pressure thanks to a combination of China, Greece and Iran. That, along with a bearish prognosis from the International Energy Agency in its latest report, dents hopes for a quick rebound this year. That should have the oil producers teeing up for more cost cutting. All cuts, however, aren’t created equal. This industry had a cost problem at $100 a barrel, let alone $50 a barrel. Announcing their first-quarter results, the majors pointed to evidence that development costs on ambitious new projects were falling already. BP , BP -0.72 % for example, said it was seeing savings of between 20% and 30% in certain areas and the industry as a whole is trimming overheads, shedding jobs and squeezing contractors. There is a lot […]