The IEA said in its monthly oil report Thursday that revived production in Iraq, Libya and Nigeria pushed OPEC production to a record level of 33.83 million barrels a day. That offset a production drop by non-OPEC members.
Meanwhile, demand for oil in leading countries is shrinking amid an economic slowdown.
Low crude prices have helped consumers but damaged oil-dependent economies. So OPEC members promised in September to cut production to between 32.5 million and 33 million barrels a day. They are meant to finalize the deal in Vienna this month.
Brent crude, the international standard, traded at $46.48 a barrel Thursday.