Saudi billionaire prince Alwaleed bin Talal has warned that his country's economy is in danger unless it moves away from oil. A huge 92 per cent of Saudi's revenue comes from oil. The prince told his oil minister he needed to cut the reliance on oil. He published a letter online warning Gulf states and members of the Organisation of the Petroleum Exporting Countries (OPEC) that demand for oil was "in continuous decline". He wrote that Saudi Arabia's dependence on oil "is becoming a source of concern for all." The prince owns stakes in Apple, Twitter and Citigroup.

Prince Alwaleed warned the biggest threat to Saudi Arabia is from fracking – a technology that gets oil from shale and rock. The USA has cut demand for Saudi oil because it is producing its own from fracking. It hopes to be self-sufficient in oil by 2020, which would be bad for Saudi. Alwaleed commented: "We see that rising North American shale gas production is an inevitable threat." Gulf countries see little threat from shale, although OPEC has said the issue needs to be looked at. The prince encouraged Saudi Arabia to invest in nuclear and solar energy production.