The International Energy Agency Global expects demand for oil to increase further next year.
The agency says the increase in crude usage will continue to be driven by emerging economies.
The IEA estimates that demand will grow by an average of 1.47 million barrels per day in 2012, up from the current 2011 average daily growth of 1.2 million.
Brent crude oil on Monday was trading at $US116.77 per barrel.
Last month, IEA members released oil stocks to try to reduce prices.