OK, I get the general OPEC thing - they cut production, the price of oil goes up (well, maybe not so simple now, ho ho). That’s all boiling down to supply and demand.
But - when these cuts are made, who loses out on the missing oil? Do drivers buy a little less each, which all adds up? Or do some poorer nations suddenly realise that they have to do without oil for a month or two?
Well, it isn’t like it’s an actual physical “shortage”–there’s still plenty of oil available on the market, quantity-wise, when OPEC “cuts production”. It’s just that what’s available is more expensive. Speaking for Americans, we don’t generally buy “less gas”, we just grumble more at the prices we’re expected to pay for the gas we insist on buying.
An OPEN “cut in oil production” is more like when you’re driving and you slow down from 65 mph to 55 mph, rather than going from zooming along at 65 to puttering along at 35 mph. It’s not like when Ty announces that they aren’t going to make any more Princess Di Beanies, and people go stand in line down at the Book Emporium to buy the last remaining ones, and the people at the back of the line end up having to go home empty-handed.
I wouldn’t be surprised to find out that some of the poorer Third World nations find that they’re having problems paying for oil, when OPEC cuts production. But I don’t think they have any problems finding it on the market.
But IANA economist, so I dunno.
Car drivers lose out, as the price of oil rockets. Especially those who have a high percentage tax levy on fuel. Their government will do well though.
The airline industry also suffers, likewise all industries using a lot of fuel.
Mexico and Norway and Russia and many non OPEC nations still sell oil.
Yeah, but OPEC still petitions those other nations to limit production to drive up the price, on the basis that this would “benefit” those non-OPEC countries, too. Just recently, Russia told OPEC “no way” they’d lower production; they do just fine as-is. Mexico, though, agreed to cut back by 100,000 barrels per day.
Also, don’t forget that we (the USA) are also a non-OPEC oil-producing (and exporting!) nation.
Russia has said they’ll cut production by 50,000 BOPD. That’s really an insignificant amount as the U.S. alone has been importing 9.2 million barrels per day of crude oil prior to the start of the war, and consuming almost twice that. Demand has dropped some since 9/11.
There’s less supply available on the market, so suppliers raise their prices just a little, and when prices go up, the richest may not give a damn, but those with less money buy less. And the buyers don’t have to be dirt poor for it to make a difference.
At least that’s how I understand it, but I usually walk. 
One point missed is that alot of OPEC countries use revenue gained by the sale of oil for the national budget of the country . Its why they are after a price between a certain value so that they can keep their home economies running smoothly but try to keep it near that point and not above .Since high oil prices means governments are annoyed by them and newer fuel saving tech seems to be a viable cost effective solution when the price is too high.
If you guys are interested in oil news, try:
and (for lots of Middle Eastern news):