Prince Al-Waleed Bin Talal (Photo: Reuters)
Saudi Billionaire Prince: Fracking Competitively Threatens ‘Any Oil Producing Country in the World’ -- CNS News
(CNSNews.com) – Saudi Arabia’s Prince Alwaleed Bin Talal, a billionaire businessman and nephew of Saudi King Abdullah, said the production of shale oil and natural gas in the United States and other countries, primarily done through fracking, is a real competitive threat to “any oil-producing country in the world,” adding that Saudi Arabia must address the issue because it is a “matter of survival.”
New shale oil discoveries “are threats to any oil-producing country in the world,” said Prince Alwaleed in an interview with The Globe and Mail. “It is a pivot moment for any oil-producing country that has not diversified. Ninety-two percent of Saudi Arabia’s annual budget comes from oil. Definitely it is a worry and a concern.”
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My Comment: In the oil industry Saudi Arabia’s Prince Alwaleed Bin Talal is a somebody whose analysis is always listened to .... and not surprisingly .... he has just been named the most influential Arab by Arabian Business.
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