The International Energy Agency says demand for oil is expected to grow over the coming months and year, and suggested it could release additional reserves into the market.

The IEA represents some of the world's major energy consuming countries and has been criticized for releasing 60 million barrels from its emergency stock last month.

IEA Oil Industry and Market Division chief David Fyfe told reporters Wednesday there is a sharply increasing demand for oil from oil producing countries. He said the IEA would consider releasing additional emergency supplies to help ease the crunch.

The IEA's assessment contrasts with a report Tuesday from the Organization of Petroleum Exporting Countries . OPEC warned economic weaknesses would likely lessen demand for oil in the coming months.

The IEA has also been criticized by some industry analysts who say the release of emergency supplies in June did little to ease rising oil prices.

Oil prices have risen 26 percent over the past year in trading in New York.

Also Wednesday, the IEA said Saudi Arabia raised its oil production significantly in June, but said much of the Saudi increase in production went to meet rising domestic demand.