MUSCAT: The OPEC + (Organization of Petroleum Exporting Countries and its partners) comprising 23 oil-producing countries including the Sultanate of Oman, will meet on Wednesday for the first time since 2020 due to COVID-19 pandemic.

The top agenda, according to a report by the American agency Bloomberg, is to discuss reducing oil production in order to stabilize prices.

The report said that the coalition led by Saudi Arabia and Russia is considering a cut of 1 million barrels a day, the biggest since the start of the pandemic.

It added that the possibility of such a move has already boosted crude oil markets, with Brent crude which soared above $125 a barrel in February, rising 5.2% on Monday to nearly $89.56 a barrel.

Prices have fallen since last June due to the strengthening dollar and weakness of the global economy and the closure of China due to the Coronavirus made it difficult for OPEC Plus to set a minimum price, or to enhance it significantly.

However, many traders and investment banks on Wall Street said the oil market is tight due to dwindling inventories and years of underinvestment in exploration.

While higher prices would be a boon for producers in the Gulf states, it could hurt major importers, who are battling energy-induced inflation.