https://arab.news/55gax
SAO PAULO: Brazil has decided to adhere to the declaration of cooperation of the OPEC+ group of oil-producing countries, the local energy ministry said on Tuesday, formalizing a move it had initially announced in 2023.
Brazil is the largest oil producer in South America. Its output hit 4.32 million barrels of oil equivalent per day in 2024, according to the country’s oil regulator.
It will join nations such as Saudi Arabia and Russia in the group’s declaration, but is not expected to take part in its coordinated output caps.
The move shows Brazil’s “growing relevance in the oil and gas market,” the mines and energy ministry said in a statement, adding, however, that the country would “continue to develop its energy policy in line with its own interests.”
“It is important to highlight that the declaration does not include the participation of countries in decisions aimed at cutting oil production,” the ministry said.
Brazil first said it was going to join the OPEC+ cooperation in late 2023, but President Luiz Inacio Lula da Silva reiterated at the time the country had no intention to be a full member, instead acting as an “observer.”
The country on Tuesday has also decided to become a member of the International Renewable Energy Agency (IRENA) and the International Energy Agency (IEA), the government said.