Post by Sailor on Jul 30, 2013 8:10:43 GMT -8
Top Saudi investor says US energy boom could doom kingdom's economy
America’s energy boom is putting a scare into Saudi Arabia.
According to the Wall Street Journal, Saudi billionaire Prince Alwaleed bin Talal warned in a letter to Saudi Oil Minister Ali al-Naimi and others that the U.S. boom of shale oil and gas will reduce its thirst for Saudi crude oil.
“With all due respect to your Highness’ viewpoint about shale gas and that it poses no danger on Saudi economy at ‘the present time,’” read a translation of the letter, dated May 13 but only recently tweeted on a Twitter page previously used by Alwaleed. “I was hoping that your Highness would also shed light and focus on the danger of this matter in the ‘not-so-distant future,’ especially that America and some Asian countries made big discoveries in shale gas extraction which will affect the oil industry around the world in general and Saudi Arabia in particular…”
The prince, who is worth an estimated $20 billion and founded Kingdom Holding, warned that the nation's near total reliance on oil revenues could leave it vulnerable when demand drops due to other nations' domestic production.
Read more: www.foxnews.com/world/2013/07/30/saudi-prince-worried-that-us-shale-boom-could-cripple-opec-economy/#ixzz2aXttOWZJ
America’s energy boom is putting a scare into Saudi Arabia.
According to the Wall Street Journal, Saudi billionaire Prince Alwaleed bin Talal warned in a letter to Saudi Oil Minister Ali al-Naimi and others that the U.S. boom of shale oil and gas will reduce its thirst for Saudi crude oil.
“With all due respect to your Highness’ viewpoint about shale gas and that it poses no danger on Saudi economy at ‘the present time,’” read a translation of the letter, dated May 13 but only recently tweeted on a Twitter page previously used by Alwaleed. “I was hoping that your Highness would also shed light and focus on the danger of this matter in the ‘not-so-distant future,’ especially that America and some Asian countries made big discoveries in shale gas extraction which will affect the oil industry around the world in general and Saudi Arabia in particular…”
The prince, who is worth an estimated $20 billion and founded Kingdom Holding, warned that the nation's near total reliance on oil revenues could leave it vulnerable when demand drops due to other nations' domestic production.
Read more: www.foxnews.com/world/2013/07/30/saudi-prince-worried-that-us-shale-boom-could-cripple-opec-economy/#ixzz2aXttOWZJ
