FINANCIAL NEWS

Saudi seeks USD70 to USD80 oil to guarantee sales: Alwaleed

30 May 2011

(MENAFN) Saudi Prince Alwaleed Bin Talal said that it would be in the best interests of the Kingdom for oil prices to remain between USD70 and USD80 a barrel for it would lessen the urgency in the US and Europe to develop other energy sources and it would guarantee these nations continuous demand for Saudi oil, reported Bloomberg.

Prince Alwaleed added that in case oil prices kept increasing, western countries would be forced to find cheaper alternatives to offset the demand for energy, adding that in 2010, oil prices grew 35 percent and they would still go up driven by the political turmoil in the Middle East region which drove oil prices to more than USD100 a barrel.

He also said that Saudi Arabia would need to indorse laws that would allow for greater public participation in government. Moreover, the US administration would encourage pro-democracy movements inspired by those that threw out longtime leaders in Tunisia and Egypt to create broader regional changes.

It is worth noting that Prince Alwaleed Bin Talal owns Citigroup Inc. (C) shares and ranks 26th on Forbes magazine’s list of the world’s richest billionaires with a net worth of USD19.6 billion.

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