• 50 mins BP To Invest $200 Million In Solar
  • 2 hours Tesla Opens New Showroom In NYC
  • 3 hours Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 5 hours Venezuela Sells Oil Refinery Stake To Cuba
  • 11 hours Tesla Is “Headed For A Brick Wall”
  • 16 hours Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 20 hours IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 21 hours Goldman Bullish On Oil Markets
  • 22 hours OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 1 day Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 1 day Syria Aims To Begin Offshore Gas Exploration In 2019
  • 1 day Australian Watchdog Blocks BP Fuel Station Acquisition
  • 1 day Colombia Boosts Oil & Gas Investment
  • 2 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 2 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 2 days Aramco On The Hunt For IPO Global Coordinators
  • 2 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 2 days India Feels the Pinch As Oil Prices Rise
  • 2 days Aramco Announces $40 Billion Investment Program
  • 2 days Top Insurer Axa To Exit Oil Sands
  • 3 days API Reports Huge Crude Draw
  • 3 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 3 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 3 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 3 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 3 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 3 days Exxon To Start Reporting On Climate Change Effect
  • 4 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 4 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 4 days Forties Pipeline Could Remain Shuttered For Weeks
  • 4 days Desjardins Ends Energy Loan Moratorium
  • 4 days ADNOC Distribution IPO Valuation Could Be Lesson For Aramco
  • 4 days Russia May Turn To Cryptocurrencies For Oil Trade
  • 4 days Iraq-Iran Oil Swap Deal To Run For 1 Year
  • 7 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
  • 7 days Mexico Blames Brazil For Failing Auction
  • 7 days Norway Allows Eni To Restart Goliat Oil Field In Barents Sea
  • 7 days Malaysia Suggests Muslim Countries Stop Trading Oil In U.S. Dollars
  • 7 days Kinder Morgan Wins Appeal To Start Trans Mountain Work
  • 7 days Mexico Cancels Deepwater JV Tender Due To Lack Of Interest

Breaking News:

BP To Invest $200 Million In Solar

Is Oil About To Collapse?

Is Oil About To Collapse?

WTI could be about to…

Is This The Beginning Of The Next Silver Rush?

Is This The Beginning Of The Next Silver Rush?

Far below the Nevada desert,…

Prince Alwaleed Warns Shale Revolution Threatens Saudi Economic Stability

Prince Alwaleed Warns Shale Revolution Threatens Saudi Economic Stability

Whilst Saudi Arabia continues to state that it is not at all worried by the increasing production driven by the US shale revolution, Prince Alwaleed Bin Talal, the billionaire businessman who is CEO and owner of the Kingdom Holding Company, has told Canada’s The Globe and Mail newspaper that growing shale output in the West poses a genuine threat to his country’s economic stability and future survival.

He states that not only are new shale discoveries a threat to Saudi Arabia, but to “any oil-producing country in the world,” requiring urgent attention in order to develop diverse new sources of economic output as a means to secure long-term stability.

Related article: Did This Event Just Call a Buy on Natural Gas?

“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.”

It seems however that the rest of the royal family do not hold his concerns after recently claiming that they welcome the increase in US shale production, believing that it offers no threat to their economy, and requires no cut in oil production on their behalf in order to support prices.

Prince Abdulaziz Bin Salman Bin Abdulaziz said that, “we need to make sure that the world economy comes out decisively on a growth pattern and, if that can be established, I think that the world economic growth will be sufficient to handle growth from all sorts - shale oil, shale gas, tight oil and including renewable.”

Alwaleed, refusing to give in, has said that he will use every channel available to him in his efforts to convince the government that shale poses a very serious threat.

Related article: The Next Shale Revolution—Probably Russia

“I will make them get it; there is no doubt about that. I’ll make them get it. It is matter of survival. There is no choice but to get it. I will keep pushing until they do.

The majority of Saudi Arabians get it. We will mobilise the media; mobilise the people to put maximum pressure on the government to do things to rectify the problem.”

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News