The oil and gas industry has been urged to focus on long-term change after OPEC members agreed to an output cut at its latest meeting in Algiers.
IO oil and gas consulting said it welcomed the announcement in principle to cut production following the meeting.
It said the news was “surprising” after many analysts had predicted the output would remain unchanged.
In a statement the company said:”We hope to see further definitive action taken when a final agreement is reached in November.
“While we expect this announcement to benefit the industry in the short-term, as seen by the oil price bounce overnight, the industry must remain focused on long-term change. We stress that the oil industry must continue to be proactive in transforming its collective mindset to create certainty on new projects, being conscious of the volatile nature of international oil supply agreements and the difficulty in their successful implementation.”