The Organisation of the Petroleum Exporting Countries (OPEC) agreed today to keep a cap on oil output for three months.
The decision leaves consumer nations to fret that crude prices might race out of control before the cartel eases open the taps.
OPEC is seeking to cement the price of its export basket in a $22-$28-a-barrel range and wait for a global economic revival to lift crude demand.
"The price has only just entered the lower end of our band and we hope it moves higher as the economy recovers," said Venezuelan Oil Minister Mr Alvaro Silva.
Oil prices have risen sharply in recent weeks after a fourth-quarter slump, spurred higher by signs of an economic upturn and fears that the United States might target OPEC member Iraq for military action.
Saudi Oil Minister Mr Ali al-Naimi said OPEC could lift output if inventories started to drain, while Iranian counterpart Mr Bijan Zanganeh said he hoped economic growth would prove sufficient to allow extra output in the third quarter.
OPEC restrictions limit 10 member nations to 21.7 million barrels daily, leaving more than five million barrels a day of idle capacity on the 75 million barrels per day on the world market.
That leaves plenty of cover for any loss of output from OPEC member Iraq if Washington widens its war on terror to take military action against Baghdad.