In an article published today in the Wall Street Journal it says that"Saudi billionaire Prince Alwaleed bin Talal has warned that the kingdom's oil-dependent economy is increasingly vulnerable to rising U.S. energy production, breaking ranks with oil officials in Riyadh who have played down its impact.
He warned that the boom in U.S. shale oil and gas will reduce demand for crude from members of the Organization of the Petroleum Exporting Countries".
In contrast the Saudi oil Minister has played down the significance of rising shale-oil production. "At an OPEC meeting in late May, he said it wasn't the first time OPEC has had to compete with a surge in output from countries outside the group"
"In April, Prince Turki al-Faisal, a former Saudi intelligence chief and ambassador, said the kingdom needs to increase its crude production capacity to 15 million barrels a day by 2020 in order to meet rising domestic consumption and maintain its export capacity. Mr. Naimi has ruled out increasing Saudi Arabia's capacity until at least 2030 or 2040".
He warned that the boom in U.S. shale oil and gas will reduce demand for crude from members of the Organization of the Petroleum Exporting Countries".
In contrast the Saudi oil Minister has played down the significance of rising shale-oil production. "At an OPEC meeting in late May, he said it wasn't the first time OPEC has had to compete with a surge in output from countries outside the group"
"In April, Prince Turki al-Faisal, a former Saudi intelligence chief and ambassador, said the kingdom needs to increase its crude production capacity to 15 million barrels a day by 2020 in order to meet rising domestic consumption and maintain its export capacity. Mr. Naimi has ruled out increasing Saudi Arabia's capacity until at least 2030 or 2040".
