Less than a month after deciding to hold crude oil output steady, OPEC oil ministers have agreed to cut production by 1 million barrels per day, or 4 percent of their official target level. The decision, intended to keep crude oil prices around $25 per barrel, could send the cost of fuel back up.

The Organization of the Petroleum Exporting Countries, citing eroding demand in the United States, Europe and Asia, has scheduled the cut to take place Sept. 1 with an option to hold an extraordinary meeting prior to their regularly scheduled meeting later in the month if the market trend warrants.

OPEC, which pumps about 40 percent of the world's oil, has a current production target of 24.2 million barrels per day. It has already reduced its official target twice this year by a total of 2.5 million barrels per day.

Diesel fuel costs, which have dropped significantly in recent weeks, could be headed back up. Edward Ennis, an energy analyst with SG Securities in London told the Associated Press the move would shore up prices after only a temporary jump. "It will not stop the decline in crude price," he predicted.