Saudi Prince: We'll Never See Oil at $100 Again

Saudi Arabia's Prince Alwaleed Bin Talal said the world will never see oil at $100 per barrel again. Prince Alwaleed, chairman of Kingdom Holdings, spoke with CNBC's "Squawk on the Street" following the death of his uncle, King Abdullah bin Abdulaziz. He acknowledged that his country is feeling the pain of the commodity's collapse— Saudi Arabia derives 90 percent of its budget from oil. However, he said that the country will not be the first to blink and that the falling oil prices is not a Saudi plot to harm the American energy industry. News of Abdullah's death sent oil prices sharply higher on Friday, but analysts dismissed the move as a knee-jerk reaction, noting the recent trend remains intact." Oil prices have dropped 60 percent over the past six months -- compared to that, [today's move] is not earth shattering," said Michael Levi, a foreign energy analyst at the Council of Foreign Energy.

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