Billionaire Saudi Prince Alwaleed bin Talal has warned shale oil and gas development poses a threat to the kingdom’s economy, the Wall Street Journal’s Summer Said reports.
In an open letter to Saudi oil minister oil Ali al Naimi [in Arabic], Alwaleed also warns the kingdom must diversify its revenue streams in the face of flagging oil demand, Sky News said:
Prince Alwaleed said demand for oil from Organisation of the Petroleum Exporting Countries (Opec) member states was “in continuous decline”.
Naimi recently admonished Said that shale was not a threat.
But the prince has taken on that view directly, she says:
We disagree with your Excellency on what you said, and we see that raising North American shale gas production is an inevitable threat,” Prince Alwaleed’s letter said, in comments directed at Mr. Naimi.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.