In a highly publicized meeting last month, OPEC announced it would maintain high production levels in an attempt to disrupt U.S. shale oil producers.
But the OPEC oil price war simply won't work, says Money Morning's Global Energy Strategist Dr. Kent Moors. He's been meeting with some of the world's top oil policymakers in Dubai this month to analyze OPEC's strategy.
Moors appeared on Bloomberg TV in London today (Monday) to explain why OPEC is fighting a losing battle. He also detailed what the fair market price for crude oil is right now:
More from Dr. Kent Moors: Whenever oil prices drop, investors always wonder how it will affect wind and solar power. But the landscape for renewable energy has changed significantly in recent years and crude oil prices don't have the same impact. Here's why lower oil prices won't kill the renewable energy boom...