Middle East Headlines: Global Demand For Saudi Oil Dropping / Egypt Revolution & Aftermath

In open letters to high-ranking Saudi officials published on Sunday, Prince Alwaleed, a nephew of Saudi Arabia's King Abdullah, expressed alarm over the fact that "92 percent of the government budget relies on oil" revenues.

"The world's reliance on OPEC oil, especially the production of Saudi Arabia, is in a clear and continuous drop," he wrote in a letter, which addressed to Ali al-Naimi, the Saudi Arabian minister of petroleum and mineral resources.

More