Brazil analyzes invitation to join OPEC+, a ‘club’ that brings together major oil exporters

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If it complies, Brazil will become an ‘allied’ member, as will Russia, Mexico and Malaysia. OPEC+ holds regular meetings to assess oil supply in the world and influence the price of a barrel. The Brazilian government is analyzing an invitation made by the Organization of Petroleum Exporting Countries and Allies (OPEC+) to become one of the group’s “allies”. The information was confirmed to g1 by the government’s Social Communication Secretariat, which says that no decision has been made regarding the invitation. According to government interlocutors, the issue is under analysis by the Minister of Mines and Energy, Alexandre Silveira. g1 asked the Ministries of Mines and Energy, Finance and Foreign Affairs for an official position on the invitation and is awaiting feedback. OPEC, OPEC+ and members OPEC, created in 1960, today brings together 13 major oil supplying countries in the world such as Saudi Arabia, Iran, Iraq, the United Arab Emirates and Venezuela. However, other large producers such as the United States, Canada, Brazil, China and Qatar do not participate in the group. The acronym “OPEC+”, with the plus symbol, also includes the so-called “allied countries” – which are not part of the organization itself, but act jointly in some international policies linked to oil trade and mediation between members and non-members . Among the allies that make up OPEC+ are currently countries such as Azerbaijan, Bahrain, Malaysia, Mexico and Russia. OPEC+ members hold regular meetings to assess the oil supply scenario in the world and implement cuts or increases in production, influencing barrel prices. The secretary general of OPEC, Haitham Al Ghais, was in Brazil in October – check out the interview given to GloboNews journalist Miriam Leitão below: Míriam Leitão spoke with the secretary general of OPEC Meetings in Brazil During her visit to Brazil in October, Haitham al-Ghais participated in meetings with President Luiz Inácio Lula da Silva (PT) and Alexandre Silveira. The president of Petrobras, Jean Paul Prates, attended the meetings. At the time, Silveira was asked by journalists about the possibility of Brazil joining OPEC+ and said that the country was not analyzing the invitation “in principle”. “Brazil does not analyze this possibility at first. It is clear that a country with the production possibility of Brazil is of interest to OPEC+, but our view is that the Brazilian economy needs to be stimulated and one of the great stimuli is to create internal competitiveness in prices of fuels”, he stated. Brazil had already been invited to join the group in 2019. At the time, then-president Jair Bolsonaro (PL) said that the informal invitation had come from Saudi Arabia. Another attempt at rapprochement occurred in 2020, when the then secretary general of OPEC, Mohammad Sanusi Barkindo, invited Brazil to participate in the group’s and allies’ cooperation agreement. Countries would withdraw 9.7 million barrels of oil per day from the market because of reduced demand in the Covid pandemic.

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