CNBC
The world will never again see the price of oil at $100 per barrel, according to one of Saudi Arabia’s biggest investors.
Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud, the chairman of Kingdom Holdings, spoke with CNBC’s “Squawk on the Street” following the death of his uncle, Saudi Arabian King Abdullah. While he admitted that his country—which derives 90 percent of its budget from oil—is feeling the pain of the commodity’s collapse, he predicted that Saudi Arabia would not be the first to blink.
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Alwaleed said his family had just concluded the burial of the late king, and that there would be a meeting later that night to pay allegiance to the new king and crown prince.
Reflecting on recent political turmoil in Saudi Arabia’s southern neighbor of Yemen, Alwaleed said the resignations of that country’s prime minister and president means “clearly we have seen the hands of Iran infiltrating that country through its blatant and open support of the Houthis there.”
He called it an “unfortunate situation” as Yemen’s political vacuum could eventually be a “seat of trouble” in the region.
