Demand for oil will continue to grow and remain "resilient" this year, according to the secretary general of Opec+.
Opec+ is a group of 23 oil-exporting countries which decides how much crude oil to sell on the world market.
"We see demand growing about 2.4 million barrels a day," Haitham Al Ghais said.
Saudi Arabia said it would be cutting its production of crude oil by a million barrels a day to boost prices.
The International Energy Agency (IEA) said the decision by Saudi Arabia and Russia - two major oil producers and members of Opec+ - to cut production could cause a "significant supply shortfall" by the end of this year.
Mr Al Ghais said: "This is a voluntary decision taken by two sovereign nations, Saudi Arabia and Russia. This decision can be described as precautionary or pre-emptive because of uncertainties".
Brent crude, a benchmark for prices, breached $95 (€90) a barrel recently amid predictions of shorter supplies, with fears the price may breach $100 (€95) per barrel.
The rise prompted a warning to drivers that fuel prices could rise in the coming 10 months, and stoked fears that inflation in key economies could be prolonged.
However, Al Ghais said Opec was more concerned about "under investment" in the oil sector.
"Some have called for stopping investments in oil. We believe this is equally dangerous. It will lead to volatility in the future, possible supply shortages. And, therefore, we at Opec have always advocated for the importance of continuing to invest in the oil industry as we also invest in decarbonising the industry and move on to adding other forms of alternative energy such as renewables," he said.
Demand for oil ‘resilient’, Opec+ chief reveals
