The President of the Organization of Petroleum Exporting Countries (OPEC) said that the organization “concerned ” the likelihood of stagnant demand for oil, which may not provide them with adequate investment to increase oil production.

Chakib Khalil warned at the World Conference nineteenth oil-held Spanish capital Madrid that the recession may cause the abandonment of investment in productive capacity as demanded by the industrialized nations.
In the view of OPEC that high oil prices push to exploit new fields in non-members of the organization.
It was agreed workers in the oil sector participants at the conference that oil prices heading steadily towards the threshold of $ 150 despite the protests of consumers to high fuel prices.
The price of a barrel was on Monday 143.67$ in New York and143.91 $ in London which raised concern of consumers in the world affected by the matter.
But retreated near140 $ before rising again in European dealings over 142$.
In the same context, the IEA expected to increase global oil supplies at a slower rate than expected even in 2013, making energy production despite limited backup weak demand growth. The agency said in its report on the oil market in the medium term, global production capacity will reach 95.33 million barrels per day in 2012 by no less than 2.7 million barrels a day from its previous year ago.
This comes at a time when expectations contributed to concerns about supplies and strong demand in Asia and geopolitical crises in the Middle East lifted oil prices to record levels above 140 $ a barrel, to add more pressure on the global economy.