The Organization of the Petroleum Exporting Countries (OPEC) and its allies are monitoring the market and ready to cut output by over 1.2 million barrels per day if global economy slows down, Saudi energy minister Khalid Al-Falih told CNN on Monday.
"If we see a slowdown ... it's going to be a small slowdown that oil markets can well absorb with adjustments to supply," he added.
Al-Falih said that he does not see a big economic recession, adding that corrective actions are "easily within our control."
The world's largest oil exporter is witnessing record oil demand from China.
All indicators from the United States, and other emerging markets, such as India are being monitored, he added.
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