"Saudi Prince Alwaleed says falling oil prices 'catastrophic'"
It is telling that he has to resort to a letter posted on the internet to make his point.
From January 2012: "Why the Saudis want $100-a-barrel oil":
"According to the Financial Times, the Saudis now prefer to keep oil prices at about $100 per barrel. What’s changed?
In a word, spending. Over the past few years, the Saudi government has taken advantage of sky-high crude prices to spend lavishly on public works and social programs to stave off the unrest that’s capsizing parts of the Middle East. As a result, the country now needs prices to stay above $80 per barrel to balance its budgets, up from $60 per barrel in 2008 and way, way up from $20 per barrel a decade ago"