Secretary general of OPEC Abdullah El-Badri said on Monday that oil producers are "concerned" at high crude prices and added that markets are adequately supplied.
"The (high) oil price is a concern. We see that there is a $15-20 premium risk at this time," Badri told reporters when asked if OPEC was concerned about soaring crude prices.
He was speaking ahead of a roundtable meeting for Asian energy ministers who are expected to discuss the impact of oil prices on the economy.
Oil dipped in Asian trade Monday as traders locked in profits after gains last week.
New York's main contract, light sweet crude for delivery in May fell 70 cents to $108.96 a barrel.
Brent North Sea crude for June eased 42 cents to $123.03.