Saudi prince suggested economic diversification

There are "oil kingdom," said Saudi Arabia is the world's oil reserves, production and sales of one of the largest, the huge oil revenues that Saudi Arabia in the 1970s to become the world's one of the highest per capita income . However, Saudi Prince Al-Waleed worried that the country's economy will be the threat of  Unconventional gas  energy, and to report thereon to the country's oil minister Ali Naimi sent an open letter. British "Financial Times" reported on the 30th, in the open letter, Prince Al-Walid urged the government to accelerate the implementation of the plan to promote the diversification of the Saudi economy, saying "our country is almost entirely dependent on oil because of the continuing threat faced." according to data provided by the Prince Al-Walid, this year, 92% of the country's budget comes from oil revenues. The Organization of Petroleum Exporting Countries (OPEC) data show that Saudi Arabia, nearly 90% of export earnings from oil exports. Last year, the country's oil export revenues amounted to $ 336 billion. Speaking  shale gas  energy, Prince Al-Walid, said the threat of shale energy "actually come", "because the threat from shale oil, the Saudi daily 15 million barrels of oil production can not be achieved." in May this year, in a speech, Saudi Oil Minister Ali Naimi has said the United States would not worry about shale oil production increases, obviously do not agree with Prince Al Waleed oil minister of view.frac sand companies Prince Al-Walid suggested that Saudi Arabia should promote diversification of the Saudi economy, you can plan to develop nuclear energy, solar energy. According to reports, the letter with a copy to the prince's uncle, King Abdullah of Saudi Arabia and others, and in the 28th was posted to the Al-Walid's "Twitter" page. However, the Saudi Oil Ministry refused to comment on the letter.