Brazil to join OPEC+ from next year

The South American country will be an official member of the OPEC+ alliance from 1 January 2024.

PHOTO: Brazilian oil and gas major Petrobras' Regap oil refinery in Betim, Brazil. Petrobras

The Organization of the Petroleum Exporting Countries and Alliance (OPEC+), which includes non-OPEC oil exporting nations such as Russia, as well as the core OPEC member states, was formed in 2016.

Brazilian energy minister Alexandre Silveira announced that Brazil will join OPEC+ during a virtual meeting between the group's members today. Silveira said the OPEC+ agreement has effectively brought stability to oil and energy markets.

However, it remains uncertain whether Brazil will participate in production cuts from next year as a result of its membership.

According to S&P Global data, Brazil currently produces 3.2 million b/d of crude oil.

By Nithin Chandran

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