Oil prices, now hovering around $100 a barrel, could hit $120, energy financier T. Boone Pickens told CNBC Friday.
“Be careful counting on the Saudis,” said Pickens. “[The Saudis] claim they can produce 12 million barrels a day. They won’t let anybody audit the reserves or the production, so you are totally at the mercy of what they tell you they can do.”
Pickens said the Saudis naturally are prone at supporting higher oil prices, but to a certain extent. “It won’t go to $150,” he added. “If it went to $110, $120, I don’t think anybody over there would get excited about it.”