Brazil will join the influential OPEC+ oil coalition, which unites some of the world’s largest oil-producing countries, Brazilian Energy Minister Alexandre Silveira said, as quoted by CNBC.

This was announced during the OPEC+ meeting, where the oil production strategy until 2024 was discussed.

In images from the meeting, Silveira said President Lula da Silva had approved his country’s membership starting next year.

“In conclusion, I would like to inform you that the Honorable President Lula has confirmed our accession to the OPEC+ Cooperation Charter from January 2024,” he said.

“It is important that our technical team analyze the content of the document we just received, the charter of cooperation. This is part of our government protocol,” he added.

The so-called OPEC+ cooperation document is the foundation of the coalition and must be adopted by all members of the group.

“Brazil received an invitation to join OPEC+. The Minister of Mining and Energy, Alexander Silveira, is analyzing this issue,” the Ministry of Energy of Brazil reported.

It is currently unclear whether Brazil will have to cut production starting next year as a result of its accession.

Both the OPEC+ alliance and the OPEC sub-group have been looking for new members, as an increase in the number of combined producers will also increase the coalition’s market share – and, as a result, the impact of its coordinated policies on supplies and prices.

The announcement that Brazil will join OPEC+, an organization dominated by Saudi Arabia and Russia, comes after OPEC members Saudi Arabia, Iran and the United Arab Emirates were invited over the summer to join the BRICS group of emerging markets, which includes Brazil (News.ro)

Photo of the article: © Dmytro Melnikov | Dreamstime.com