Oil prices should be between $70-80 per barrel, says Saudi Arabia Prince

Saudi Arabia wants the oil prices to hover between $70-80 per barrel as higher prices would force the western countries to intensify their effort towards energy independence and develop alternative sources of energy.

"We want the prices to be between $70 and $80 not only to help the West, but also to help ourselves," Saudi Prince Al-Waleed bin Talal said in an interview to CNN on Sunday.

"We don't want the West to go and find alternatives because clearly, the higher the oil prices go, the more incentive you have to go and find alternatives," he added.

"So, to have the $70-80 price is good for consumers and producers," he said.

"The price was hovering around $85 but jumped to $100 after what happened in Libya and Bahrain. Clearly, there's still some fear factor and there is also speculation factor," he said.