Never put your eggs all in one basket, even if those eggs are made out of sweet crude oil.
Saudi Arabia is concerned. Thanks to the shale gas revolution which has blossomed in the United States and which is starting to blossom in places like the United Kingdom and even China, the Saudi stranglehold on world energy reserves is loosening with each passing day.
This is a good thing for the world, and a great development for the United States.
(From Sky News)
In an open letter to his country’s oil minister Ali al Naimi and other government heads, published on Sunday via his Twitter account, Prince Alwaleed said demand for oil from Organisation of the Petroleum Exporting Countries (Opec) member states was “in continuous decline.”
What a shame.