#Last weekend, Saudi Prince Alwaleed bin Talal decided to make use of a company in which he owns shares—Twitter—and chime in on this debate to everyone’s surprise. He warned his fellow Saudis that Riyadh wasn’t taking the US “energy revolution” seriously enough. The Prince was responding specifically to comments make two months earlier by Saudi Arabia’s petroleum and resources minister, Ali al-Naimi, who had argued that the US oil and gas boom would stabilize global markets and that there was nothing to fear. The Prince’s take is that the US shale revolution is an “inevitable threat” to Saudi Arabia, and that as it stands, the Kingdom will have a hard time meeting its 15 million barrels/day production goals. And his thinking is in line somewhat with OPEC, which has already forecast a drop in global demand of 300,000 bpd by 2014. The Prince also used Twitter to lobby for increased Saudi investment in renewable energy.
Posted on: Sat, 03 Aug 2013 19:12:45 +0000
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