Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Tuesday, April 28th, and I'm your host, Kim Khan. Our top story so far,

the United Arab Emirates said it will exit OPEC and OPEC Plus, effective May 1st, a surprise move that caught

the oil market off guard. In a statement, the UAE's energy ministry said the decision followed a

comprehensive review of its production policy and future capacity, and it was based on our

national interest and our commitment to contributing effectively to meeting the market's pressing

needs. The government said it seeks greater flexibility in managing oil output.

OPEC membership requires adherence to collective production targets, which can constrain individual capacity.

The UAE has expanded its production capacity to nearly 5 million barrels per day,

and is aiming to utilize more of that output outside OPEC quotas.

Additional supply could reach as much as 1 million barrels per day.

Gregory Brew, senior analysts for Iran and oil at Eurasia Group, said the move reflects a broader

breakdown in oil market stability. He declared the Carter doctrine essentially dead,

noting that tankers are being seized or attacked on open seas, OPEC members are breaking

off to produce what they want, SPRs are being drained. Any and all forces that were able to produce

market stability are falling by the wayside, Brew added. Among active stocks, shares of OpenAI

partner's soft bank group and Oracle are under pressure after the Wall Street Journal reported

that the maker of ChatGBTGBT

BT recently missed internal targets for sales and new users.

But a statement to CNBC, OpenAI CEO Sam Altman called the report ridiculous, adding

that the company is totally aligned on buying as much compute as we can.

Coca-Cola is among the top S&P 500 gainers after topping organic revenue estimates.

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