Alwaleed Questions Saudi Policy in Letter to Oil Minister
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Prince Alwaleed bin Talal, the billionaire owner of stakes in Citigroup Inc. and Time Warner Inc., has written publicly to Saudi Arabian Oil Minister Ali Al-Naimi, questioning the kingdom’s energy policies.
In an letter published in Arabic yesterday on Twitter, he said his country, the biggest crude producer, won’t be able to fulfill its plan to increase capacity to 15 million barrels a day, adding there’s a “clear and increasing decline” in demand for oil pumped by the Organization of Petroleum Exporting Countries, particularly Saudi Arabia. He also challenged Naimi over the impact of U.S. shale gas output.