JP Morgan: UAE Could Attract More U.S. Investment After OPEC Exit
The United Arab Emirates (UAE) could attract more U.S. investment after the exit from OPEC as the country would be able to produce more oil once the current Strait of Hormuz crisis ends, according to JP Morgan. In a surprise announcement on Tuesday, the UAE said it is quitting OPEC and the wider OPEC+ alliance effective May 1, to pursue its national interests. For years, the UAE has been working to boost its crude oil production capacity to 5 million barrels per day (bpd) by 2027, and has frequently clashed with its fellow OPEC and OPEC+ producers…