ORA-01031: insufficient privileges
In order to grant the CREATE VIEW privilege, your user needs the CREATE VIEW privilege WITH ADMIN OPTION, or the GRANT ANY PRIVILEGE system privilege. Otherwise you have insufficient privileges.

http://docs.oracle.com/cd/E11882_01/server.112/e41084/statements_9013.htm#i2094944


  To grant a system privilege, one of the following conditions must be
  met:
  
  
  You must have been granted the GRANT ANY PRIVILEGE system privilege.
  In this case, if you grant the system privilege to a role, then a user
  to whom the role has been granted does not have the privilege unless
  the role is enabled in user's session.
  You must have been granted the system privilege with the ADMIN OPTION.
  In this case, if you grant the system privilege to a role, then a user
  to whom the role has been granted has the privilege regardless whether
  the role is enabled in the user's session.