OPEC cuts oil output. Will gas prices start climbing again?

OPEC and allied oil-producing countries, including Russia, cut their supplies to the global economy by 100,000 barrels per day, underlining their unhappiness with crude prices that have sagged because of recession fears.

The decision Monday by energy ministers ignores calls from U.S. President Joe Biden to pump more oil to lower gasoline prices and the burden on consumers.

Worries about slumping future demand have helped send prices down from June peaks of over $120 per barrel, cutting into the windfall for the government budgets of OPEC+ countries but proving a blessing for drivers in the U.S. as pump prices have eased.

The energy minsters said in a statement that the September increase was only for that month, and that the group could meet again at any time to address market developments.

Other factors are lurking that could influence the price of oil. For one, the Group of Seven major democracies plan to impose a price cap on imports of Russian oil and what effect that might have on the market. The price level for the cap has not yet been set.

Oil prices have gyrated in recent months: Recession fears have pushed them down, while worries of a loss of Russian oil because of sanctions over its invasion of Ukraine pushed them up.