Oil Prices Won't Return to $100: Saudi Prince Alwaleed

One of Saudi Arabia's biggest investors Prince Alwaleed Bin Talal says the world will never again see the price of oil at $100 per barrel.

He said though his country derives 90% of its budget from oil and is feeling the pain of the commodity's collapse; it would not be the first to blink.

Prince Bin Talal said a combination of events have led to the fall in oil price adding that it is not a Saudi plot to harm America's revitalized energy industry as suggested by some people.

He said the real problem is that there is an oversupply and demand is not so high, adding that the lack of balance between oil supply and demand means the road back to the $60-70 range will not be easy.

Prince Bin Talal says OPEC is not weak, but admits that the impact of OPEC as it was years ago is not the same as today.

GBC