Saudis Not Big Fans Of Fracking

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Here’s some not-so-shocking news. The Saudis are not big fans of fracking. Wow! Who knew?

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Prince Alwaleed, owner of international investment firm Kingdom Holding, is unusually outspoken for a top Saudi businessman.

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But his warning reflects growing concern in private among many Saudis about the long-term impact of shale technology.

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It is allowing the US and Canada to tap unconventional oil deposits which they could not reach just a few years ago.

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Chancellor George Osborne has also announced support for fracking in Britain and in offshore waters, to ease a reliance on foreign oil and gas.

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Some analysts think this may push demand for Saudi oil, as well as global oil prices, down sharply over the next decade. (Read More)

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Now they have to diversify their economy. How sad for them.

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