Why OPEC’s Oil War Will Fail
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 according to Kent, the OPEC oil price war simply won’t work. While others are fretting about what the production move means, he’s been meeting with some of the world’s top oil policymakers in Dubai this month to analyze OPEC’s strategy.
Kent 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: