Pickens warns of $500 crude

Dire warning: T Boone Pickens says succession issues in Saudi Arabia could lead to chaos in oil markets

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By Anthony Guegel

 16 November 2011 17:01 GMT

Oil legend T Boone Pickens on Wednesday suggested oil prices could streak to as high as $500 a barrel with the demise of ailing King Abdullah of Saudi Arabia.

“Listen, that thing is going to fall apart on you over there and it’s coming up fast,” Pickens said today on business cable network CNBC in reference to the debate over who would succeed King Abdullah.

“They produce 9.7 million barrels a day and he (Abdullah) is 86, 300 pounds, and has diabetes. An actuarial table on him would be in days or weeks.”

Pickens, who is founder and chief executive of BP Capital Management, said it remains a “big question” what would happen to Saudi Arabia and its production after his death.

“If…

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