Tuesday, February 7, 2012

Prince Al Waleed on CNBC

Prince AlWaleed bin Talal, Kingdom Holding Company chairman, explains why the U.S. should engage in talks with Iran. He also shares his view on China and Europe's economic growth.

Saudi Arabia has already said it will not let the price of oil, which closed Monday around $97 a barrel, go above $100, bin Talal said. "We can use our leverage, our excess capacity to be sure to pump more [oil] if needed so it will not impact the consumer countries while they’re getting out of their recessions slowly but surely," the prince said.

As for Iran, he said it is important for the U.S. and other nations to put sanctions on the "renegade country" to force its government to negotiate. Issuing an ultimatum of war would push Iran to the "desperate move" of blocking the vital oil shipment waterway.

 "I believe a solution is not impossible with them," bin Talal said of Iran. "A dialog is the best way to do it."

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