A Brazilian minister confirmed that his country, one of the most prominent oil producing countries in the world, is considering joining “OPEC plus” after receiving an invitation to do so from the alliance.
Brazil is among the top 10 oil-producing countries in the world, and the largest producer in Latin America since 2016.
Brazil’s crude oil production reached a record high of 3.7 million barrels per day in September, an increase of almost 17% from the same month last year, and a 6.1% increase from August 2023.
On the sidelines of a ministerial meeting of the OPEC plus alliance, which includes the 13 member countries of the organization of Petroleum Exporting Countries (OPEC), most notably Saudi Arabia, and 10 partner producing countries, most notably Russia, OPEC welcomed “the minister of Mines and energy of the Federal Republic of Brazil, Alexander Silveira de Oliveira, who will join OPEC+”… As of January 2024”.
However, the minister said in later statements that his country needs to study “in detail” the invitation to join, despite considering it a “historic moment” for Brazil.
