OPEC and allies agree to cut oil production With oil prices stuck at a low of $60-a-barrel, major oil producers agree to cut crude production. Source: CNBC, December 7, 2018 What is the effect of a cut in oil production on the oil market? Question content area bottom left Part 1 A cut in oil production _______ and _______ the price of a barrel of oil. A. decreases the supply of oil and increases the demand for oil; raises Your answer is not correct.B. decreases the supply of oil; r