UAE To Expand Oil & Gas Production Capacity With $150 Billion Investment

With oil tumbling ahead of the grueling 2023 recession, the last thing OPEC+ and (bullish) oil traders wanted to see is even more supply coming on line, and yet that's precisely what the core gulf hub is proposing. According to Bloomberg, the United Arab Emirates - which in recent years has aggressively sought to diversify away from oil and to become the world's crypto hub - will look to revert back to its core competency and plans to expand its global energy - and especially energy spending - to boost oil and natural gas production capacity. Abu…