Arsene Wenger admitted his side had not made the most of their chances over two legs against Barcelona.
The Gunners boss told BT Sport: “In the two games, if you look at the dangerous situations we created we have done that many times.
“I know it is difficult to take, to go out, but I believe that we produced a quality performance against maybe the best team in Europe at the moment. Well done to them and we wish them well.
“I think the performance was first of all good but it was a great game between two good teams.”
The Arsenal manager also felt that if his side had gone ahead in the match things could have turned out differently.
“It was a turning point at 1-1, I believe I could feel they were wobbling a little bit, they were insecure,” he said.
“Had we scored the second goal I think we could have created a sensation tonight, but we didn’t and any one of the (Barcelona) three up front can score an exceptional goal.”