ROME, Nov. 12 (UPI) -- European Commission President Jose Manuel Barroso warned of the seriousness of the international energy situation.

Addressing the World Energy Congress in Rome Monday, he said the price of oil, which has soared recently, has been increasing at a very fast pace over the past several decades.

He said in 1915, a barrel of crude oil was $1.43 but today, oil prices are more than $90 a barrel, Italian news agency AGI reported.

"Global demand for hydrocarbons is increasing -- by more than 50 percent by 2030. Energy demand in developing countries is likely to double in that time," Barroso said.

He also pointed out that as demand increases, domestic oil reserves in Europe are rapidly decreasing.