Saudi Prince: $100-a-barrel Oil "Never" Again
Saudi Arabia's Prince Alwaleed, a well-known billionaire investor, believes that oil will never top US$100 a barrel ever again.
According to a USA Today interview, he voiced his opinion that oil prices above US$100 per barrel. When asked during the interview if he thought oil prices would continue to fall, he mentioned, “I'm sure we're never going to see $100 anymore.”
He added, “the price of oil above $100 is artificial. It's not correct.”
Prince Alwaleed also elaborated on the causes of the recent crash in oil prices, "There’s less demand, and there's oversupply. And both are recipes for a crash in oil. And that's what happened. It's a no-brainer."
In addition to Prince Alwaleed's comments, Ali al-Naimi, Saudi’s oil minister said in December that US$100 for a barrel of oil would be “a thing of the past”.
Oil prices have just dipped below US$46 per barrel, down from the historical peak of more than US$100 back in June 2014. Analysts expect oil prices to drop further as demand continues to be weak whereas oil-producing countries do not appear to be cutting back on supply.
Looks like it’s good news ahead for drivers then.
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