Saudi Prince ‘Astonished’ At Oil Minister’s ‘Disastrous Underestimation’ Of Effect Of Price Cuts

Saudi Prince “Astonished” At Oil Minister’s “Disastrous Underestimation” Of Effect Of Price Cuts (ZeroHedge, Oct 14, 2014):

As the US-Saudi ‘secret’ oil deal continues to depress the price of oil, pressure Russian revenues, squeeze European budgets, and raise doubts about the status quo (OPEC and the rest of the world), not all of The Kingdom’s elites are happy. Infamous billionaire Prince Alwaleed bin Talal has written an open letter to Oil Minister Ali al-Naimi and other ministers, as Reuters reports, saying the world’s top oil exporter should start worrying about the recent slide in global oil prices and warned against the negative effect of such a drop on the state revenue: “Ninety percent of the 2014 budget is based on it (oil), so to underestimate (these implications) is in itself a disaster which cannot pass unnoticed,” he wrote in the letter.

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