What benefits do OPEC countries obtain by cutting oil supply? It is unclear to a economic novice like me why OPEC is not cutting down production and raising oil prices. I have read several journalists commenting upon this on the internet but perhaps an economist can explain this current fact better.
The OPEC scenario is quite well described by a market with Cournot Competition. That is, while collusion would lead the highest total profits to the sum of the participants, each invididual participant would gain by increasing his production a little bit.

Without observing the quantity of each participant and proper enforcement, that's the outcome the model predicts - and reality concurs.