Brazil will join OPEC+ in 2024

Isbel Lázaro.

Brasil se unirá a la OPEP+

Inspenet, December 16, 2023.

In January 2024, Brazil will join OPEC+, the alliance made up of the thirteen members of the Organization of the Petroleum Exporting Countries (OPEC) and ten allied producing nations, such as Russia, Kazakhstan and Mexico.

This surprise announcement came at the end of the OPEC+ ministerial conference, which took place virtually last week. The notification of Brazil’s accession was communicated by a brief note, indicating that Brazil’s Minister of Mines and Energy, Alexandre Silveira, participated in the meeting.

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The meeting welcomed HE Alexandre Silveira de Oliveira, Minister of Mines and Energy of the Federative Republic of Brazil, who will join the OPEC+ Cooperation Charter as of January 2024 ,” OPEC indicated.

The “Charter of Cooperation”, the founding document of the OPEC+ alliance, established in 2016, will see the inclusion of Brazil as its 24th member from January. Currently the main oil producer in Latin America, Brazil will become the second Latin American member of this alliance.

By joining this group, which currently has 23 partners and is responsible for approximately 40% of the global oil supply, Brazil will participate in the adjustments to production levels that the alliance implements to seek stabilization of the oil market.

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