Brazil accepts invitation to join OPEC+

Brazilian Energy Minister Alexandre Silveira indicated that the South American nation will soon join OPEC+, after accepting the invitation made by the members of the Organization of the Petroleum Exporting Countries (OPEC) in 2023.

Brazil is the seventh-largest oil producer in the world, with around 4.3 million barrels per day. This figure represents 4 % of the total, according to data from the Energy Information Administration, an agency of the US government.

According to the announcement, made by Silveira during the meeting of the National Council for Energy Policy (CNPE), Brazil was invited to join OPEC in order to strengthen relations with the rest of the oil-producing countries.

Brazil will be part of the organization, although it will not have decision-making power in matters such as production cuts or similar.

In light of the decision of Brazilian President Luiz Inácio Lula da Silva to join OPEC+, environmental agencies have declared that the country should not associate with organizations that damage ecosystems through the extraction of fossil fuels.

M.Pino

(Reference image source: WORKSITE Ltd. on Unsplash)

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