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The Brazilian government on Tuesday acknowledged that even joining the nation’s organisation of the Oil Exporting Countries (OPEC+) has emphasized the growth position of South America as a major oil exporter.
The decision, approved by the National Energy Council, will take place nine months ahead of the UN’s 30th Annual Climate Change Conference or the COP30 held in Belem, Brazil.
OPEC+ officially invited Brazil to join the organization in the second half of 2023. The Saudi Arabian leader, OPEC+’s biggest producer, met with Brazilian officials throughout 2024 and peaked with an announcement on Tuesday.
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OPEC+ Insignia was stacked on the flag of the member states. (Photo by Reuters/Ramzi Boudina/file Photo/Reuters)
President of the country, President Luis Inacio Lula da Silva has been promoting himself as an environmental champion, while Brazilian Mines and Energy Minister Alexandre Silveira has been the one who has joined OPEC+. He said there was no contradiction.
Opec Haitham Al-Ghais (R) Secretary-General and Saudi Arabia’s Energy Minister Abdulaziz Bin Salman Al-Saud (second L) will hold a press conference. (via Askin Kiyagan/Anadolu Agency Getty Images/Getty Images)
“This is a historic moment for Brazil and its energy sector, marking a new chapter in dialogue and collaboration within the energy industry,” Silveira said at a press conference Tuesday. Foreign media. “This is just a forum for discussing the strategies of oil producers. We should not be ashamed of being oil producers.”
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Brazil is South America’s largest oil producer, with production of approximately 4.32 million barrels per day.
A general view of a sign at the headquarters of the Oil Exporting Country (OPEC) organization on February 29, 2024 in Vienna, Austria. (Thomas Kronsteiner / Getty Images / Getty Images)
Silveira said joining OPEC+ has indicated that Brazil’s “increasing relevance in the oil and gas markets” but has allowed the country to “continue to develop energy policies in line with its own interests.” Ta.
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Brazil will join other countries such as Saudi Arabia and Russia with the OPEC+ declaration, but are not expected to participate in a coordinated output cap.
Reuters contributed to this report.
