Why do those oil-producing nations cut the production?

For much of the year, record prices for oil have made oil-producing nations rich. Now these nations are trying to cut production to support collapsing prices. Last week, the Organization of Petroleum Exporting Countries met in Algiers. Members agreed to a record production cut of more than two million barrels a day, or about five percent of world output. OPEC’s president said the group may call an emergency meeting in March if prices continue to fall.