A Saudi prince has warned that his oil-reliant nation is under economic threat because of fracking technology being developed elsewhere around the world. Billionaire Prince Alwaleed bin Talal said the Gulf Arab kingdom needed to reduce its reliance on crude oil and diversify its revenues. His warning comes as rising shale energy supplies in the United States cut global demand for Saudi oil. "Our country is facing a threat with the continuation of its near-complete reliance on oil, especially as 92% of the budget for this year depends on oil," Alawaleed wrote in a letter. "It is necessary to diversify sources of revenue, establish a clear vision for that and start implementing it immediately."
Comments
Post a Comment