“It is a decision well taken,” said APPO secretary-general Dr Omar Farouk Ibrahim. “I believe it is the right thing to do to save the industry and also to ensure that there is stability for today and tomorrow.”

The decision by OPEC, which includes major oil producers Russia and Saudi Arabia, as well as African countries and APPO members Nigeria, Algeria, Angola, Congo and Libya, saw the price of Brent crude oil rise 1.5% to more than $93 a barrel.