UAE Announces Exit from OPEC to Pursue Independent Production Increases

The UAE has officially announced its withdrawal from OPEC to independently expand production capacity amid geopolitical tensions. In a fresh development, 7 OPEC+ nations reached a preliminary agreement to hike output by 188,000 bpd in June. Adding to the sector's momentum, Exxon Mobil Corp. and Chevron Corp. both posted first-quarter earnings that exceeded market expectations, demonstrating resilience despite regional volatility. Meanwhile, Iraq confirmed its ability to restore normal export levels within 7 days of the end of the Strait of Hormuz crisis, as Libyan production hit its highest level since 2013. On the diplomatic front, Iran reportedly sent a negotiation proposal to the Trump administration, potentially easing regional friction. Oil prices are expected to close the week below $110 per barrel due to profit-taking and expectations of normalized supply.