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 means the cut for October rolls back the mostly symbolic increase of the same amount in September. The move follows a statement last month from Saudi Arabia’s energy minister that the group could reduce output at any time.

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.

OPEC+ is in “standby mode” but could “signal their willingness to adjust output at short notice if required,” according to Commerzbank Research.

Saudi Energy Minister Abdulaziz bin Salman said Aug. 22 that the alliance could cut production at any time. That got attention in markets because Saudi Arabia is the dominant OPEC member, and his comments briefly sent oil higher.

Analysts at Eurasia Group said, however, that “no immediate output reduction is expected” and that bin Salman may have simply sought to support the sagging price level.

His remarks "reflect a desire to prop up gradually falling crude prices" with a preferred level of around $100 per barrel for Brent, Eurasia Group analysts Raad Alkadiri and Milo McBride wrote in a note. They noted that higher prices have delivered a financial windfall to the finances of the Saudis and other OPEC+ producers.

The cartel also must consider plans by the Group of Seven major democracies 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.

Recently, recession fears have taken the upper hand. Economists in Europe are penciling in a recession at the end of this year due to skyrocketing inflation fed by energy costs, while China's severe restrictions aimed at halting the spread of the coronavirus have sapped growth in that major world economy.

Those falling oil prices have been a boon to U.S. drivers, sending gasoline prices down to $3.82 per gallon from record highs of over $5 in June.

That month, fears that U.S. and European sanctions would take Russian oil off the market helped push Brent to over $123. Those concerns are still out there because European sanctions aimed at Russian oil shipments won't take effect until the end of the year.

On top of that, OPEC+ members have their eye on negotiations over a possible deal between Western governments and Iran on limiting Tehran's nuclear program. An agreement could mean an end to U.S. sanctions that have taken much of Iran's oil production off the market.

The International Energy Agency says a nuclear deal could add 1.3 million Iranian barrels per day to the global market within six months.

Analysts say OPEC+ would seek to include that production in any new set of quotas and output goals. Iran is a founding member of OPEC but has been left out of recent production agreements because of the sanctions.