The International Energy Agency's chief economist, Fatih Birol, said high Brent crude oil prices are posing big risks for the global economy.

"The current prices now they are a major problem for global economic recovery, especially for Europe , the weakest chain of the global economy for the time being," Mr. Birol told Dow Jones Newswires, speaking on the sidelines of a conference.

Mr. Birol said European oil and gas import bills for 2013 will reach about 500 billion euros ($668 billion) if oil prices remain at these levels. This means a "major problem for the European and global economy."

The Paris-based agency, which represents the interests of major energy-consuming rich countries, last week cut its forecast for global oil consumption this year, as expectations of faster growth in the world's demand for oil could be overly optimistic. The Organization of the Petroleum Exporting Countries, on the other hand, has a more positive outlook for 2013. Last week it raised its forecasts for global oil demand growth on signs of an improving economy.
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