Nobody wants to cut production, unless everyone else does so too. Otherwise they're just giving up a chunk of their revenue stream for a negligible rise in prices. It's a classic prisoner's dilemma game.

Anyway, OPEC+ did cut production, a little bit. The market is saying it's not enough, at least in the near term.

For many oil companies when the price of oil goes down they have to produce more in order to pay their heavy debt loads. With many companies producing as much as they can to stay afloat this forces the price down even further.

Some wells can't be turned off without permanent loss of production.

I talked with a friend the other day that works for a big Canadian producer. SAGD (which is popular in Alberta) can't just be turned off since the heating of steam takes months to ramp up.