The influence of working pressure on the mechanisms of the CO 2 /H 2 reaction on a co-precipitated CuO/ZnO/Al 2 O 3 catalyst have been studied at 230°C and in the pressure range of 1-75 bar. In the CO 2 hydrogenation using CuO/ZnO/ Al 2 O 3 , the products were found to be CO, methanol and water almost exclusively. Only a trace of methane formation was observed. Methanol and carbon monoxide are competitively formed. The former is produced directly from CO 2 whatever the pressure whereas carbon monoxide stems either from CO 2 directly at high pressure or both methanol decomposition and CO 2 directly at low pressure.