LONDON, June 14 (UPI) -- Meeting global energy demand in the wake of last week's OPEC meeting puts more pressure on Saudi Arabia, an analyst said.
Economic analysts predict high oil and natural gas prices could erase much of the gains made in the post-recession period. Nevertheless, members of the Organization of the Petroleum Exporting Countries last week left production quotas enacted in 2008 in place despite dour economic forecasts regarding energy supplies.
Saudi Oil Minister Ali al-Naimi said after the meeting that his country was willing and able to "deliver what is needed" to the energy market.
A survey by the Platts news service finds that OPEC oil production for May stood at around 29 million barrels per day. At least 30 million bpd is needed to keep demand in check during the second half of 2011, the news service adds.
"You can see that the task ahead of Saudi Arabia, and any other nation determined to meet what is expected to be steadily increasing demand, is substantial," said John Kingston, Platts global director of news, in a statement.
