On February 18, Brazilian Minister of Mineral Resources and Energy Alexandre Silveira said that the country has decided to join the Organization of the Petroleum Exporting Countries and its partners (OPEC+).
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| Brazil officially joins OPEC+. (Source: CNBC) |
Sharing about the above decision, Minister Silveira affirmed: "This is a historic moment for Brazil, opening a new chapter in the history of dialogue and cooperation in the energy sector...
This is just a forum to discuss the strategies of oil producing countries. The country needs to grow, develop, create income and jobs."
According to Mr. Silveira, there is no contradiction between joining OPEC+ and the environmental commitments of Brazil - the country hosting the 30th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP30) in November.
Brazil is the world's seventh largest oil producer with about 4.3 million barrels per day, equivalent to 4% of global output.
In 2024, crude oil will be the main export product of Latin America's number one economy with a turnover of 44.8 billion USD, accounting for 13.3% of total export turnover and surpassing soybeans.
The official added that Brazil will be the first country to join the Organization of the Petroleum Exporting Countries (OPEC) Cooperation Charter - a dialogue forum within the structure of the mechanism to which OPEC and OPEC+ countries will participate.
Source: https://baoquocte.vn/opec-co-thanh-vien-moi-304823.html
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