Brazil Set to Join OPEC+ in January 2024
Brazil’s Ambition to Join OPEC+
Brazil is eager to join the OPEC+ group of oil-producing countries in January after a technical analysis of the charter for cooperation. The country’s energy minister expressed optimism about Brazil’s potential participation, although the exact nature of its involvement remains uncertain.
Reception of the Invite
During President Luiz Inacio Lula da Silva’s trip to Saudi Arabia, Brazil received an invite to join OPEC+. However, the president’s office confirmed that no formal response had been given at the time.
Uncertainty Surrounding Brazil’s Participation
The president’s office and the Mines and Energy Ministry did not provide clarity on whether Brazil would participate as an OPEC+ observer or as a full participant in the group’s shared production quotas.
Eager Entrance into the Group
Mines and Energy Minister Alexandre Silveira conveyed Brazil’s eagerness to formally enter the OPEC+ group during a future meeting in Vienna. He mentioned that a detailed analysis of the cooperation document was underway, as part of the protocol in Brazil.
Warm Welcome from OPEC+
Silveira’s enthusiasm was met with a standing ovation from OPEC+ ministers during a virtual meeting. In a statement, OPEC+ expressed its welcome to Brazil, announcing that the country would join the OPEC+ Charter of Cooperation starting January 2024.
“It’s all set. But there is a phase of detailed analysis by our technical team of the document we just received, which is part of the protocol in Brazil,” Silveira said in Portuguese during a virtual meeting, where his comments were met with a standing ovation from OPEC+ ministers.
In a statement OPEC+ said it welcomed Silveira to the meeting, adding that Brazil “will join the OPEC+ Charter of Cooperation starting January 2024.”
