There is a "new sheriff in town" in the Middle East – Russia, Pickens told CNBC.
According to him, Russia has made its most significant move back to the region since 1973.
"They are back, and that is no kidding back," he said.
He assumed that taking into account the current situation Russia could force Saudi Arabia to cut production which would eventually drive global oil prices up.
Some analysts claimed that Saudi Arabia has been keeping up its oil production to damage the Russian economy. What is more, Riyadh wants to retain its market positions and exert economic pressure on Iran.
Pickens in his turn said now Saudi Arabia might feel compelled to bend to Russia’s will.
As for Friday, global oil prices were rallying on market expectations for an increase in demand. WTI were over $50 per barrel, the first time since July 2014.
