For The Archives: The Saudi Perspective, 2013, 2014

Updates

January 7, 2014: CNS News is reporting -

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 that has not diversified. Ninety-two percent of Saudi Arabia’s annual budget comes from oil. Definitely it is a worry and a concern.”
Alwaleed also commented that many Saudi leaders did not comprehend the threat posed by oil and natural gas production from shale. However, he said he would use his influence to keep pressing the issue.

Original Post 

Rigzone is reporting:

Saudi oil minister Ali al-Naimi on Tuesday called the U.S. push for energy independence "naive," saying the country will continue to need Middle Eastern oil long into the future.

Naimi said he welcomed the surge in U.S. domestic energy production from shale oil and gas fields, which he said will add depth and stability to global oil markets.

Despite the domestic production gains, U.S. imports of Middle East oil in the second half of 2012 were higher than any time since the 1990s, Naimi said.

Naimi, meanwhile, emphasized that Saudi Arabia remains able to sustain its reserves at the current 266 billion barrels and said that could increase, especially if technology for extracting "tight" shale oil and gas improves.

No plans to increase Saudi production beyond what it is producing today, about 10 million bopd.