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David Ernsberger of global energy information provider Platts warned that "if demand isn't somehow stimulated then all of these cuts are not going to help OPEC achieve what they really want to achieve," which is stopping the slide in prices.

At the same time, the only factor that that would stimulate demand is lower prices, which OPEC resists, Ernsberger added.

"They are desperate for demand to return but they are part of the problem, not part of the solution."
They are cutting off their noses to spite their faces.

They see their hold over the rest of the world coming to an end. Raising prices is just going to lead to less of a demand and more effort put into producing electric and other cars.
 
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