LONDON, England - January 4, 2011 - High oil prices threaten to derail any possible economic recovery among developed nations this year, the leading energy watchdog has warned, putting pressure on the OPEC oil cartel to increase production.

Over the past year, the oil import costs for the 34 mostly rich countries that make up the Organization for Economic Cooperation and Development have soared by $200 billion, to $790 billion at the end of 2010, according to an analysis by the International Energy Agency.

The increase, due to high crude prices, is equal to a loss of income of about 0.5% of OECD gross domestic product, according to the IEA.

“Oil prices are entering a dangerous zone for the global economy,” said Fatih Birol, the IEA’s chief economist. “The oil import bills are becoming a threat to (any) economic recovery. This is a wake-up call to oil consuming countries and oil producers.”

Oil prices have edged closer to $100 a barrel in recent weeks and on Monday Brent crude hit $95 a barrel for the first time in 27 months.