Voluntary oil production reduction is an international cooperative action, which aims to support oil prices by reducing oil supply and reduce the problem of global oil oversupply. Such actions are usually coordinated by organizations composed of oil-producing countries, such as the Organization of Petroleum Exporting Countries (OPEC).

Voluntary oil production reduction means that participating countries voluntarily reduce oil production in order to achieve the goal of global oil supply and demand balance. This will lead to a decrease in global oil supply, which in turn may lead to an increase in oil prices. In addition, it may also lead to the reduction of production in oil-producing countries and the impact on the domestic economy, because oil is one of the main export commodities of many countries.

The impact varies with participating countries and the scale of production reduction. If large oil-producing countries participate in production reduction, the global oil supply will be significantly affected, which may lead to an increase in oil prices. On the other hand, if the scale of production reduction in participating countries is small, the impact may not be great.

Generally speaking, voluntary reduction of oil production may have a significant impact on the global oil market and the economies of participating countries.