Saudi Arabia specifically clamoured for an immediate cut by OPEC producers to a daily output of one million barrels starting early next year.
"We are going to do everything we can to keep inventories and supply demand fundamentals within a reasonably narrow band around balance, and we believe markets will calm down", Saudi Energy Minister Khalid Al-Falih said Monday in a speech at an industry event in Abu Dhabi.
The UAE's energy minister, Suhail al-Mazrouei, said balancing the market would "require changes in the strategy" of producers.
There are signs that renewed United States sanctions on Iranian oil exports may have a softer-than-expected impact.
Khalid al-Falih's comments follow a meeting in Abu Dhabi at the weekend, where the Organisation of Petroleum Exporting Countries (OPEC) and its allies started laying the groundwork to cut supply in 2019, reversing an nearly year-long expansion.
"This announcement of at least Saudi Arabia reducing probably will firm the price", BP Chief Executive Officer Bob Dudley said in a Bloomberg TV interview. "Sanctions didn't cut so much out of the market as anticipated", he added.
The JMMC, a technical committee, is expected to make important recommendations on production cuts to a key ministerial meeting in Vienna next month for the OPEC and non-OPEC producers.
US West Texas Intermediate (WTI) crude futures were at $60.87 per barrel, up 68 cents, or 1.1 percent.
Ahead of the meeting, he acknowledged that so far there was no new deal to cut production among OPEC and non-OPEC producers, who struck an agreement in late 2016 to cut output by 1.8 million bpd to tackle an oversupply crisis.
While Riyadh has made a decision to lower production, the rest of the attendees did not come to a consensus on the matter, according to Falih.
Oil prices have shed a fifth of their value in just one month after surging to a four-year high in early October, driven by a combination of factors centred on higher supply and fears of sluggish demand.
When asked about the possibility of an output cut, he insisted it was "premature to talk about a specific action".
The military official also played down Washington's rhetoric and said the United States has time and again hurled such threats against Iran only to find that "they have never had nor will they have" any effect in the future.
"I think it all comes down to Russian Federation", said Helima Croft, chief commodities strategist at RBC Capital Market LLC.