Published On: Mon, Jan 12th, 2015

Saudi Prince: “The barrel of oil will never cost $ 100 again”

SaudiSAUDI ARABIA- Alwaleed bin Talal, the Saudi prince and businessman, says that the price of a barrel of oil will never reach $ 100 again. The unexpected decline has damaged the main oil producers, including Russia, Venezuela and Saudi Arabia.

"All who claim to have anticipated the fall of 50% are lying," said Prince Alwaleed bin Talal in an interview with the newspaper USA Today. The Saudi businessman says that the falling price of oil was given by the low demand and the slow growth of the global economy.

"There is excess oil. Currently Iraq produces much and even Libya has not stopped producing despite the civil war," said bin Talal. "In addition, demand has fallen," said the prince. The Saudi denied rumors of a conspiracy against Russia since his country "is suffering in the same way."

"If the supply remains at the current level and demand remains low, we should prepare for another price drop," said bin Talal. "If part of the supply is removed from the market and demand grows a little, prices will grow. However, I have no doubt that oil will never cost 100 dollars," said the prince.

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