Special to WorldTribune.com
ABU DHABI — A leading Saudi prince has warned of the threat to the
Gulf Arab kingdom by the emerging U.S. shale industry.
Al Walid, deemed one of the richest men in the world, urged the Saudi royal family to diversify the kingdom’s economy.
“We see that raising North American shale gas production is an inevitable threat,” the prince said.
In an appeal to Saudi Oil Minister Ali Al Naimi, Al Walid, a nephew of King Abdullah, said Saudi Arabia was endangered by its “almost total dependence on oil.”
The prince, who occasionally expresses positions at odds with the royal family, warned that the United States and other countries were reducing their oil imports from Saudi Arabia and OPEC states.