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Bureau: Delhi
Sharif's government raised the pump and killed the subsidy four days before the IMF Article IV mission opens — a price hike timed to fail an audit, not to pass one.
The first sovereign exit since OPEC was founded in 1960 became effective at midnight Abu Dhabi time, and the cartel's official response remains absent on day one.
The rupee's record low at 95.33 is the second emerging-market casualty of the Hormuz blockade — different mechanism from Pakistan, same root cause.
On day one outside OPEC, Suhail al-Mazrouei put a hard capacity number on the exit — five million barrels per day by 2027, up from roughly 3.2 million today.
Aramco confirmed a May 10 results release and May 11 call — the deferral lets Riyadh see the UAE-exit market reaction before stepping into the war's first big print.
Three days after a 100bp emergency hike to 11.5%, the SBP holds — and the IMF Article IV review on May 5 is the next clock.