Saudi Billionaire Prince: Fracking Competitively Threatens ‘Any Oil Producing Country in the World’

Via: cnsnews.com

Saudi Arabia’s Prince Alwaleed Bin Talal, a  billionaire businessman and nephew of Saudi King Abdullah, said the  production of shale oil and natural gas in the United States and other  countries, primarily done through fracking, is a real competitive threat  to “any oil-producing country in the world,” adding that Saudi Arabia  must address the issue because it is a “matter of survival.”

New shale oil discoveries “are threats to any oil-producing country in the world,” said Prince Alwaleed in an interview with The Globe and Mail.  “It is a pivot moment for any oil-producing country (OPEC) that has not  diversified. Ninety-two percent of Saudi Arabia’s annual budget comes  from oil. Definitely it is a worry and a concern.”

http://cnsnews.com/news/article/michael-w-chapman/saudi-billionaire-prince-fracking-competitively-threatens-any-oil

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PHOTO: 1973 OPEC oil embargo

‘matter of survival’? – Well Fuck You, Prince!

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Trump on OPEC – OPEC says “لدغة لي!” (Bite me!)

Via: Huffington Post

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Trump blamed gas costs on the Organization of Petroleum Exporting Countries (OPEC), a conglomerate of developing nations responsible for 40 percent of global oil supplies. He said on CNN’s “State of the Union” Sunday that lowering the price of gas is as easy as telling OPEC’s members to do so — something he believes President Obama is incapable of.

When host Candy Crowley argued that the United States can’t control OPEC, Trump disagreed, saying our country only needs “brain power.”

“Candy, it’s the messenger,” said Trump. “You know, I can send two executives into a room. They can say the same thing. One guy comes home with the bacon and the other one doesn’t. And I’ve seen it a thousand times. It’s the messenger.”

http://www.huffingtonpost.com/2011/04/17/donald-trumps-lower-gas-prices-opec_n_850202.html

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Via: Reuters

“SAUDI SLASH OIL OUTPUT, says market oversuplied”

Oil Ministers from Kuwait and the United Arab Emirates echoed Saudi Arabia’s  Ali al-Naimi’s concerns about oversupply and said rocketing crude prices were out of the hands of OPEC, which next meets in June.

“The market is overbalanced … Our production in February was 9.125 million barrels per day (bpd), in March it was 8.292 million bpd. In April we don’t know yet, probably a little higher than March. The reason I gave you these numbers is to show you that the market is oversupplied,” Naimi told reporters.

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Unrest in North Africa and the Middle East has left Saudi Arabia and other Gulf nations nervous of political instability and of a sharp fall in oil prices that could lead to a fiscal crunch while populations are restive.

The kingdom promised nearly $93 billion in handouts to its citizens in the wake of the wave of unrest that swept the Arab world this spring, making a sharp fall in oil prices a major risk for its budget.

Saudi Arabia and some other OPEC members unilaterally BOOSTED OIL PRODUCTION after the March uprising against Libyan leader Muammar Gaddafi shut down the bulk of the North African OPEC member’s oil industry but weak demand for the additional production appears to have prompted the REDUCTION IN OUTPUT.

http://www.reuters.com/article/2011/04/17/us-saudi-oil-idUSTRE73G14020110417?pageNumber=2

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Ali al-Niami didn’t realize his microphone was still on when he told Trump and his teabaggers, “لدغة لي!”