Liquid-phase methanol synthesis was carried out in a slurry reactor in a temperature range of 190-250 degrees C while the total pressure was between 20 and 50 bar. A commercial Cu/ZnO/Al2O3 catalyst developed to process feedstock with higher content of CO, was used in the experimental work. The gaseous feed was composed of H-2 (25-60 vol%), CO (10-50 vol%), CO2 (2-40 vol%), and an inert gas (nitrogen). A pure paraffin was used for the liquid phase. The experimentally measured methanol production rates were compared with different kinetics models that appear in the open literature for liquid-phase methanol synthesis. It is shown that simple models, which do not account for the phenomena on the catalyst surface fail to predict the rate of methanol production in a wide range of CO2/(CO2 + CO) ratios. The results of dynamic experiments demonstrate that a measurable amount of water is formed during the reaction and that its occurrence retards the methanol production rate. It is therefore evident that its concentration has to be considered in the adsorption term of the methanol rate equation. Using a dynamic method it is also confirmed that methanol production rate is proportional to CO2 concentration in the feed stream.