Dubai (CNN Business) Saudi Arabia's energy minister says that OPEC and its allies are prepared to quickly respond to a global economic slowdown.

Khalid Al Falih told CNN Business' Emerging Markets Editor John Defterios that while he doesn't "see a big economic recession," corrective actions are "easily within our control."

"If we see a slowdown ... it's going to be a small slowdown that oil markets can well absorb with adjustments to supply," Al Falih said during an interview Monday.

Oil prices have trended higher since OPEC and partners including Russia agreed in December to slash production. Opposed by the Trump administration, the deal called for the removal of 1.2 million barrels a day from world markets starting this month.

The agreement has helped support prices despite new evidence of weakness in major economies including China and Germany.

Read More