Breaking News English

A Saudi billionaire prince has warned that his country's economy faces danger unless it diversifies away oil. A whopping 92 per cent Saudi Arabia's revenue comes oil. Prince Alwaleed bin Talal told his nation's oil minister that Saudi needed to reduce its dependence oil. His open letter was published the world to see. In it, he warned other Gulf states and countries the Organisation of the Petroleum Exporting Countries (OPEC) that demand oil was " continuous decline". Prince Alwaleed wrote: "Saudi Arabia is almost entirely dependent oil and this reality is becoming a source concern for all." The prince is the world's 20th richest person and owns stakes Apple, Twitter and Citigroup.

Prince Alwaleed warned the biggest threat to Saudi Arabia is fracking – a technology that extracts oil shale and rock. The United States has reduced its demand Saudi oil because its investment producing its own fracking. It hopes to be self-sufficient oil 2020, which would be a huge blow Saudi. Alwaleed recognised this his letter, stating: "We see that rising North American shale gas production is an inevitable threat." Arabian oil executives have so far dismissed any threat shale, although OPEC members have said the issue needs to be addressed. The prince encouraged Saudi Arabia to invest nuclear and solar energy production.