The fact is that a world of over-levered companies and economies are desperate for cash flow and so are ‘weak hands’ that will go down pumping out product even as prices plunge…
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. Here is a direct video link.
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