The organisation, set up after the “oil shock” of the early 1970s to advise major oil importing countries, said that pressure was building on the Opec oil producers’ group to restrict supply to bolster prices.
However, there have been reports that Saudi Arabia, Opec’s key member, is not yet willing to turn off the taps.
Opec members are due to meet on November 27 to discuss the supply and demand issues.
Most Opec members rely on oil revenues to support economic growth and spending.
Also, it is likely that oil and gas explorers will become increasingly worried that falling prices will make exploration uneconomical.Brent has fallen for eight weeks in a row, its longest losing streak since 1988, according to Reuters’ data.
The US energy department said this week that it expected low fuel prices to last into next year.