International Energy Agency expressed its concerns of probable drop in oil reserve in large industrial countries due to OPEC latest procedures.

Richard Jones deputy head of IEA admitted that the restrictions imposed by OPEC on oil production may lead to reduction in oil reserves in few coming months that will support oil prices.

OPEC, in its last meeting, kept its production level. But the organization stressed the need to fulfill promises of its members to reduce production about 4.2 million barrel a day.

Jones said “probably we will see lack in supply in oil markets that may lead to raise of oil prices.