Saudi Arabia has vowed to ensure world oil supplies will remain plentiful, in light of Opec's decision to cut output.
Opec wants to avoid a sudden price crash
"We will not allow shortages in the market," said Prince Bandar bin Sultan, the Saudi Ambassador to the US, after meeting President George W Bush.
Opec reduced production - by one million barrels per day - in order to provoke an orderly easing in prices.
The oil cartel reckons that prices are heading back to $25-28 per barrel, well within its target range.
At present, oil prices are still well above that target: US crude oil is currently trading around $35 per barrel.
But Opec is convinced that the current highs are speculative, and not indicative of any genuine strength in the market.
Saudi Foreign Minister Prince Saud al-Faisal says there is a fundamental oversupply of oil, something that would eventually take its toll in the form of a sharp fall in prices.
Stocks of oil in the US, the world's biggest importer of crude, are at a 19-month high.
US investors have stockpiled oil in response to the current tense security situation, but most analysts expect the buying to come to a halt soon.