The Brazilian Ministry of Energy said – today, Tuesday, that Brazil decided to adhere to what is known to announce the cooperation of the OPEC Plus Group of oil -producing countries, which gave an official nature to a move it announced in 2023.
Brazil is the largest oil producer in South America, and its production according to official data reached 4.32 million barrels of oil equivalent daily last year.
Join without shares
Brazil will join OPEC Plus to countries, including Russia, but it is not expected to participate in the production shares agreed upon by member states.
The relevant ministry said in a statement that the move shows “the increasing importance of Brazil in the oil and gas market,” adding that the country “will continue to develop its energy policies in line with its interests.”
The Brazilian ministry added, “It is important to emphasize that the announcement does not include the participation of countries in decisions aimed at reducing oil production,” the Brazilian ministry added.
Brazil reported in late 2023 that it would join the declaration of OPEC Plus, but President Luis Inacio Lula Da Silva later said that his country would not join the “OPEC Plus” group as a full -member state, and instead seeks to join as an observer.
The government said that Brazil also decided on Tuesday to join the International Renewable Energy Agency and the International Energy Agency.
Expectations
In a related context, Goldman Sachs Bank said today that the OPEC Plus alliance will postpone its planned to produce oil from April to July.
He added that the potential peace agreement between Ukraine and Russia – and may be linked to the reduction of the sanctions imposed on Moscow – is unlikely to lead to an increase in Russian oil flows.
