The world will never again see the price of oil at $100 per barrel, one of Saudi Arabia's biggest investors told CNBC on Friday.
Prince Alwaleed Bin Talal, chairman of Kingdom Holdings, spoke with "Squawk on the Street" following the death of his uncle, 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.
He said that a "confluence of events" have led to the fall in oil's price, not—as some have suggested—a Saudi plot to harm America's revitalized energy industry.
"I can assure you that Saudi Arabia is not using the oil price right now to impact the fracking industry in the United States," he said, adding that "there's an oversupply and demand is not so high."
The lack of balance between oil's supply and demand means the road back to $60-$70 range will be "not that easy, not that quick," the prince said, adding that markets may not even have found the bottom yet.
Given this weakness in oil's price, Alwaleed admitted that the global strength of OPEC has weakened.