Prince Alwaleed On Saudi Unrest, Oil and Citi
From 'Day of Rage' in Saudi Arabia to 'Day of Clarity' for investors.
Prince Alwaleed bin Talal al Saud, the nephew of King Abdullah spoke exclusively with CNBC's Maria Bartiromo about the protests in the streets of Eastern Saudi Arabia. Alwaleed told Bartiromo that today's demonstrations are just a "tempest in a tea cup" and that the protests dissipated after prayer.
Alwaleed also agreed with President Obama's comments today that each country is different and any change has to happen within society.
When Bartiromo asked about oil production concerns and whether Libya would have an impact, Alwaleed answered "if all production out of Libya stopped, about 1.5M - 1.6M barrels, Saudi Arabia could could cover immediately and double within days."
Bartiromo asked Prince Alwaleed whether oil prices are justified at $100. His answer? "No." Alwaleed told Bartiromo the oil markets are seeing a panic situation where investors are "worried about what's happening in Libya."
Outside of oil, Prince Alwaleed is known for being the largest shareholder in Citi. He told Bartiromo "we are happy with what's happening at Citi" and that the company has "adequate equity." Alwaleed also believes Citi's problems are now behind them.
Donna Burton contributed to this article
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