This post is in partnership with Time. The article below was originally published at Time.com.
By Laura Stampler, TIME
Saudi royal prince Alwaleed bin Talal says in a new interview that the days of $100-a-barrel oil are a thing of the past, as oil prices continue to drop around the globe.
Asked by USA Today if prices, recently below $50 a barrel, would continue to plunge, Talal answered:
If supply stays where it is, and demand remains weak, you better believe it is gonna go down more. But if some supply is taken off the market, and there’s some growth in demand, prices may go up. But I’m sure we’re never going to see $100 anymore. I said a year ago, the price of oil above $100 is artificial. It’s not correct.
He also categorized theories that the U.S. and Saudis are colluding to keep prices low to hurt Russian President Vladimir Putin as “baloney and rubbish.”
