Open letter to Saudi Oil Minister Ali Al-Naimi by Prince Alwaleed bin Talal -Hmm
Oil prices came under pressure after Alwaleed bin Talal said there is a "clear and increasing decline" in demand for crude oil from members of the Organization of Petroleum Exporting Countries, particularly Saudi Arabia.
In an open letter to Saudi Oil Minister Ali Al-Naimi, Prince Alwaleed bin Talal added that the kingdom won't be able to raise production capacity to 15 million barrels of crude a day as planned.
Saudi Arabia accounts for 12.9% of global oil production.
The truth is OPEC is scared to death of new techs in oil and gas mining! This will spread to
Russia, China, Mongolia, central asia, etc. Crude oil production in non-OPEC countries are at all time high and accelerating like they've never seen before. While hybrids and electric cars and fuel efficients trucks are being built and sold! Glut.