Will this matter? All the counties that have a problem would still cheat if OPEC made cuts. So basically, they just want Saudi Arabia to cut production. Why should they?
Are they going to force Arabia to cut production? That doesn’t seem likely.
The Saudis are burning through hundreds of billions of petro dollars to try to punish Anerican producers. That’s money (and oil) they’ll never get back. They’re playing a game of chicken hoping to put a serious dent in the U.S. shale revolution and less American dependence on the muslim world.
It could be that low oil prices will eventually lead to someones (Iran or Saudis} oil fields being taken out.
There is nothing OPEC can do anymore because they are no longer the main driver of the price of oil. If they cut their own production others outside OPEC can raise production. They will get less revenue from any cut and that’s it. The only thing they can do is politically impossible. They need to cut the welfare givaways coming from their state owned oil companies.