OPEC officials quickly sought to reassure energy market participants on Wednesday, as oil prices fluctuated wildly ahead of a much-anticipated meeting between the influential oil cartel and its allied partners in early December.
The growing prospect of OPEC and non-OPEC members cutting output next month helped Brent crude rebound toward $66 a barrel Wednesday morning.
It comes after OPEC President (and United Arab Emirates Energy Minister) Suhail al-Mazrouei and OPEC Secretary General Mohammed Barkindo said there was a consensus among the group to support a decision to balance the market in Vienna, Austria on December 6.
Speaking to CNBC at the ADIPEC oil summit in Abu Dhabi Wednesday, Barkindo said the Middle East-dominated group remains jointly focused with efforts to "restore stability" in energy markets.
Shortly thereafter, Mazrouei told CNBC's Steve Sedgwick that OPEC would be careful not to "overreact" to this latest bout of oil market volatility. Instead, the 15-member group and its allied partners would "do what is necessary" over the coming weeks.