I believe the cut back on oil production is necessary for energy purposes and as well as to let the prixe of gas come down as well. Many people may agree with my statement and some may disagree, but I believe that the cut back is a good thing to have.
Yes, OPEC can cut production now. America is producing a record amount of oil and OPEC, although not irrelevant, is a lot less relevant than it used to be. If OPEC cuts their production they could keep prices from collapsing completely. Already gas is under $2.00 a gallon in parts of the United States, so OPEC is getting a lot less for their oil.
Not only that, but such a decision could be detrimental to the long-term health of the economies of high-consumption MDC's. Such a decision would decrease the buying power of the middle and lower classes significantly, and could set the stage for an economic slump if other factors hit. What if something were to happen to the Middle Eastern oil reserves after this? Isn't economic nationalism the big concern now? Think about how high the price of oil could get. Not pretty at all.
OPEC should not cut oil production. This is because it will help gas prices stay low! And while oil and gas producers do not like the lower prices, it is nice when it happens. It puts extra money in the pocket of everyday people. So OPEC should not cut oil production because of these reasons.
OPEC recently decided not to cut oil production which pushed the price of crude oil down further. The surprise decision not to cut oil production was a great decision for consumers who are now paying lower prices at the pump. While the decision might only last for a short time, the real winners of this situation are consumers.