http://www.telegraph.co.uk/finance/...eed-says-falling-oil-prices-catastrophic.html
Saudi Prince Alwaleed says falling oil prices 'catastrophic'
Intervention of Saudi royal may pressure Opec to cut production at its forethcoming meeting to arrest the slide in prices
Prince Alwaleed is one of the Kingdom's most influential business figures Photo: AFP
By Andrew Critchlow, Commodities editor
5:50PM BST 14 Oct 2014
31 Comments
Saudi Arabia's most high-profile billionaire and foreign investor, Prince Alwaleed bin Talal, has launched an extraordinary attack on the country's oil minister for allowing prices to fall.
In a letter in Arabic addressed to ministers and posted on his website, Prince Alwaleed described the idea of the kingdom tolerating lower prices below $100 per barrel as potentially "catastrophic" for the economy of the desert kingdom.
The letter, first reported online by the FT, is a significant attack on Saudi's highly respected 79-year-old oil minister Ali bin Ibrahim Al-Naimi who has the most powerful voice within the Organisation of Petroleum Exporting Countries (Opec).
Prince Alwaleed - who is a member of the ruling house of Saud - is also a major international investor, who holds significant stakes in companies from News Corp through to Citigroup.
The publication of the letter comes as Brent oil prices crashed under $87 after the International Energy Agency slashed its forecast for oil demand this year amid signs of weaker global economic growth and a glut of crude.
Saudi Arabia is the world's largest exporter and has the capacity to pump 12.5m barrels per day (bpd) if needed, giving it tremendous power both within Opec but also the international market.
Reuters had earlier reported that Iran had rowed back on its earlier concerns over falling prices and was more willing to leave production unchanged at the next meeting of Opec in Vienna in November.
Prince Alwaleed had taken particular issue with a remark attributed to Saudi Arabia's oil minister, in which he said that falling prices were "no cause for alarm".
Saudi Prince Alwaleed says falling oil prices 'catastrophic'
Intervention of Saudi royal may pressure Opec to cut production at its forethcoming meeting to arrest the slide in prices
Prince Alwaleed is one of the Kingdom's most influential business figures Photo: AFP
By Andrew Critchlow, Commodities editor
5:50PM BST 14 Oct 2014
Saudi Arabia's most high-profile billionaire and foreign investor, Prince Alwaleed bin Talal, has launched an extraordinary attack on the country's oil minister for allowing prices to fall.
In a letter in Arabic addressed to ministers and posted on his website, Prince Alwaleed described the idea of the kingdom tolerating lower prices below $100 per barrel as potentially "catastrophic" for the economy of the desert kingdom.
The letter, first reported online by the FT, is a significant attack on Saudi's highly respected 79-year-old oil minister Ali bin Ibrahim Al-Naimi who has the most powerful voice within the Organisation of Petroleum Exporting Countries (Opec).
Prince Alwaleed - who is a member of the ruling house of Saud - is also a major international investor, who holds significant stakes in companies from News Corp through to Citigroup.
The publication of the letter comes as Brent oil prices crashed under $87 after the International Energy Agency slashed its forecast for oil demand this year amid signs of weaker global economic growth and a glut of crude.
Saudi Arabia is the world's largest exporter and has the capacity to pump 12.5m barrels per day (bpd) if needed, giving it tremendous power both within Opec but also the international market.
Reuters had earlier reported that Iran had rowed back on its earlier concerns over falling prices and was more willing to leave production unchanged at the next meeting of Opec in Vienna in November.
Prince Alwaleed had taken particular issue with a remark attributed to Saudi Arabia's oil minister, in which he said that falling prices were "no cause for alarm".
bum ass venezuela.
regardless