In a statement, the IEA said the Organization of Petroleum Exporting Countries should pay more attention to market signals such as rising oil prices, which have surpassed $104.

The decision to leave output unchanged could help restore crude stockpiles, but it will also put more pressure on the world market, which is already suffering from supply shortages, IEA said.

Market demand for oil is expected to continue to rise, but OPEC disagreed and said it sees demand beginning to fall.

"The slowdown of the world economy does not necessarily mean less consumption of oil," an IEA representative said.

OPEC said it will maintain its current oil output, which stands at 29.79 million barrels per day, not including Iraq.