The Chief Executive of State Oil Firm Saudi Arabia, Aramco Khalid al-Falih, said that the high oil prices will affect the global economy. However, the oil prices have declined on April 26, and the Brent crude declined by 57 cents to $123.09 per barrel in April.

Mr. Falih said that he is not at all satisfied with the current oil prices. He said that he is concerned about the impact of the high oil prices on the global economy.

Civil unrest and protests in North Africa and the Middle East is one of the major reasons of high oil prices, which is highest to the levels of 2008. The civil war in Libya cuts the export of oil.

Meanwhile, Saudi Arabia and other OPEC producers warned that the costly oil will harm the fragile economy, which has been already affected in the global financial crisis of 2008.

Mr. Falih said, “Saudi Arabia had enough capacity to meet any spike in demand and plug short-term outages in supply”. The oil was increased to 12.5 million barrels per day at Saudi Arabia in 2009.

Even, OPECs largest producers have also boosted the supply of the oil in the month of February by extra 9 million bpd to just overcome the gap in global market.