The global oil glut has got OPEC worried. Since June, the price of North Sea Brent has fallen more than 20 percent, and the International Energy Agency has cut its full-year oil-demand growth forecast to the lowest level in five years.
Now, with global oil prices testing a four-year low, one of the world’s wealthiest individuals, Prince Alwaleed bin Talal, has launched an extraordinary attack on his country’s oil minister for not stabilizing prices by reining in production numbers. Saudi Arabia is the world’s largest oil producer and, by virtue of that fact, the most powerful voice within OPEC.
According to The Telegraph, the prince posted an open letter at his personal website addressed to the kingdom’s highly respected 79-year-old oil minister, Ali bin Ibrahim Al-Naimi.
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