I'm not sure how it works (anyone from the petroleum industry out there?), but my take is that OPEC sets its production targets (which don't appear to be universally adhered to by its members) based on what is best for OPEC, based on prevailing economic conditions. At the moment, there is worldwide concern over a weakening global economy, which tends to put downward pressure on oil prices, so OEPC's latest round of reduced production targets appear to be aimed at shoring up the price of oil to counteract the impact of a weakening economy.
This is also the reason domestic oil producers aren't pumping more oil (it has nothing to do with Biden's "radical green agenda"). Turning on idled production capacity following the Covid-induced downturn is very expensive, and there is fear that with a weakening economy, oil prices won't remain high enough to justify the expense, not to mention that pumping more oil will further exacerbate the situation by putting more downward pressure on prices as a result of the increased supply.
The sooner we get off fossil fuels, the better. But of course, there's already talk of lithium becoming the "new petroleum", and world lithium supplies are unfortunately in some pretty unsavory countries, so we may end up with a "LiPEC" cartel controlling the price of lithium, leaving us no better off than we are today. But at least the electricity needed to fuel EV's is produced domestically.
.
