Saudi Prince: US Shale Oil Threat to Saudi Economy

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A billionaire Saudi prince says the American shale oil revolution could become a threat to the Saudi economy.

Prince Alwaleed Bin Talal, who is well known in international investment circles, said the U.S. oil boom will take business away from Saudi Arabia and other OPEC countries.

The prince expressed his concerns in a letter to Saudi Oil Minister Ali al-Naimi, who says OPEC has survived oil production increases in other countries in the past.

The Saudi economy depends heavily on income from oil sales as do other Middle Eastern countries.

All of them could be impacted by the shale oil business in the United States and elsewhere.

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