Brazil could join group of oil producers, exporters
Brazil has received an invitation to join the Organization of Petroleum Exporting Countries and Allies (OPEC+), a group comprising 23 oil-producing and exporting nations. The Minister of Mines and Energy Alexandre Silveira is currently evaluating the proposition.
Established in 1960 with the aim of establishing a common policy on the production and sale of oil, OPEC consists of 13 major oil producers: Saudi Arabia, Iran, Kuwait, Venezuela, Iraq, Algeria, Ecuador, Gabon, Indonesia, Libya, Nigeria, Qatar, and the United Arab Emirates.
Meanwhile, OPEC+, formed in 2016, incorporates an additional ten nations, including Russia. This group regularly convenes to determine global crude oil sales volumes on the world market.
As the ninth-largest oil producer globally and the foremost in Latin America, Brazil yields 3.672 million barrels of oil daily. Notably, the leading trio in oil production comprises the United States, Russia, and Saudi Arabia, collectively contributing over 40 percent to the world's oil production.
