If the Organization of Petroleum Exporting Countries intends to cut oil production next year, oil prices are likely to rise and fluctuate obviously next year. However, due to the global economic downturn, OPEC's oil production reduction plan can not bring sustained price increases to oil prices. Because in the stage of global recession, the demand for oil in the world's major economies will not be too great. Moreover, OPEC's reduction in oil production will also have a certain impact on its oil share, because once OPEC reduces oil production, other major oil countries can also occupy the oil market by increasing production. It can be said that OPEC's oil production reduction will also have the following effects.

First, stimulate the rise in oil prices, thereby increasing economic income. It can be said that reducing production and promoting price increase is an important means for OPEC to influence oil prices, because OPEC members are all major oil producers in the world. If OPEC members reach an agreement to reduce production, it will inevitably lead to a rapid rise in oil prices and bring some benefits to increase their own economic income.

Second, reducing oil production can also avoid overproduction. Judging from the economic situation this year, there will be no obvious improvement in the economy in the next few years. Therefore, reducing oil production in time can also avoid serious overproduction. Because once there is an oversupply of oil, it will inevitably lead to a continuous decline in oil prices.

Third, reducing oil production will also prompt competitors to quickly occupy market share. The main rivals of the Organization of Petroleum Exporting Countries are actually Russia and the United States, two major oil countries. If both Russia and the United States adopt the method of increasing production in the OPEC production reduction stage, it will inevitably lead to the possibility of abortion of the OPEC production reduction plan. This will inevitably cause huge losses to the Organization of Petroleum Exporting Countries.

It can be said that reducing oil production is not necessarily a good thing for the Organization of Petroleum Exporting Countries. If OPEC cuts production too much, it will inevitably lead Russia and the United States to seize this opportunity to expand production. Because for Russia and the United States, expanding oil exports can also increase economic income.