Here’s some not-so-shocking news. The Saudis are not big fans of fracking. Wow! Who knew?
Prince Alwaleed, owner of international investment firm Kingdom Holding, is unusually outspoken for a top Saudi businessman.
But his warning reflects growing concern in private among many Saudis about the long-term impact of shale technology.
It is allowing the US and Canada to tap unconventional oil deposits which they could not reach just a few years ago.
Chancellor George Osborne has also announced support for fracking in Britain and in offshore waters, to ease a reliance on foreign oil and gas.
Some analysts think this may push demand for Saudi oil, as well as global oil prices, down sharply over the next decade. (Read More)
Now they have to diversify their economy. How sad for them.