OPEC+ has a new member.

On February 18, Brazilian Minister of Minerals and Energy Alexandre Silveira announced that the country had decided to join the Organization of Petroleum Exporting Countries and Partners (OPEC+).

Brazil officially joins OPEC+. (Source: CNBC)

Commenting on the decision, Minister Silveira affirmed: "This is a historic moment for Brazil, opening a new chapter in the history of dialogue and cooperation in the energy sector..."

This is simply a forum to discuss the strategies of oil-producing nations. The country needs to grow, develop, generate income and create jobs."

According to Silveira, there is no conflict between joining OPEC+ and Brazil's environmental commitments – the country hosting the 30th Conference of Parties to the United Nations Framework Convention on Climate Change (COP30) this November.

Brazil is the world's seventh-largest oil producer, with approximately 4.3 million barrels per day, equivalent to 4% of global production.

In 2024, crude oil was the main export product of Latin America's number one economy , with a value of $44.8 billion, accounting for 13.3% of total exports and surpassing soybeans.

The official added that Brazil will be the first country to join the Charter of Cooperation of the Organization of Petroleum Exporting Countries (OPEC) – a dialogue forum within the structure of the mechanism that OPEC and OPEC+ countries will participate in.

Source: https://baoquocte.vn/opec-co-thanh-vien-moi-304823.html