Brazil has been invited to join OPEC+, an oil-producer group comprising OPEC and its allies, starting January 2024. However, Brazil is not expected to cap its oil output as part of OPEC+. The country's energy minister expressed eagerness to join, citing political and global oil market changes. Brazil's addition to OPEC+ signals scope for expansion, and it would be the 7th largest producer in the alliance. Despite joining OPEC+, Brazil's chief executive of state-run oil firm Petrobras stated that the country won't participate in the group's coordinated output caps. Former President Lula clarified that Brazil will never be a full member of OPEC+, only an observer.
Lula says Brazil never to be full member of OPEC+, only observer https://t.co/pu4w3gbwPm https://t.co/S5fZFmvovp
BRAZIL TO JOIN OPEC+ BUT WON'T CAP OIL OUTPUT (Reuters) Brazil is expected to join the OPEC+ group of oil-producing countries in January but would not take part in the group's coordinated output caps, the chief executive of state-run oil firm Petrobras told Reuters. https://t.co/W139y4Kdtb
If Brazil 🇧🇷 join OPEC+ it would be the 7th largest producer in the alliance https://t.co/coMsSlsWOg
BRAZIL CONFIRMS OPEC+ INVITE, MINISTER SAYS EAGER TO JOIN (Reuters) Brazil hopes 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 said on Thursday, although the nature of… https://t.co/fX8UFDsXjw
Brazil to join OPEC+ but won't cap oil output, Petrobras CEO says https://t.co/hVwqTXPP43 https://t.co/6gbSJwcLKA
🔴 JPMORGAN: BRAZIL ADDITION TO OPEC+ SIGNALS SCOPE FOR EXPANSION.
So Brazil is joining OPEC+ in January. The reasons are multifold but primarily political and also because of the ongoing changes in global oil markets.
Brazil not expected to cap oil output as part of OPEC+, sources say https://t.co/61Lm1RB31n https://t.co/teka6iQPFK
Brazil not expected to cap oil output as part of OPEC+, sources say https://t.co/k7LMpLuwWc https://t.co/ljAN1AFvzQ
OPEC+ has *invited* Brazil to join. Brazil has not *agreed* to join. Serious question: Why would they agree? I see an obvious downside and no upside. Currently they can free-ride on OPEC's production cuts.
OPEC said on Thursday that Brazil will join OPEC+, an oil-producer group comprising OPEC and its allies, starting January 2024. https://t.co/6vYegVL0Bo