Saudi billionaire prince Alwaleed bin Talal has warned that his nation is in danger unless it reduces its dependence on oil. A huge 92 per cent of Saudi's revenue comes from oil. He posted 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 said Saudi's dependence on oil "is becoming a source of concern for all." The prince also owns stakes in Apple.

Prince Alwaleed warned that fracking is a big threat to Saudi Arabia. Fracking is a technology that gets oil from rocks. The USA has cut demand for Saudi oil because of its own fracking. It hopes to be self-sufficient in oil by 2020, which would be bad for Saudi Arabia. Alwaleed said this was "an inevitable threat," but Gulf countries don't think so. OPEC wants to talk about fracking. The prince encouraged Saudi investment in nuclear and solar energy.