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Brazil’s government on Tuesday gave the nation the OK to join the Organization of the Petroleum Exporting Countries (OPEC+), highlighting the South American country’s growing status as a major oil exporter.
The decision, approved by the National Energy Council, comes nine months ahead of the United Nations’ 30th annual Climate Change Conference, or COP30, which will convene in Belém, Brazil.
OPEC+ officially invited Brazil to join the organization in late 2023. Leaders from Saudi Arabia, OPEC+’s largest producer, met with Brazilian officials throughout 2024, culminating in Tuesday’s announcement.
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The OPEC+ insignia superimposed over the flags of member nations. (REUTERS/Ramzi Boudina/File Photo / Reuters Photos)
Though the country’s president, President Luiz Inácio Lula da Silva, has touted himself as a champion of protecting the environment, Brazilian Mines and Energy Minister Alexandre Silveira said there was no contradiction in the country joining OPEC+.
Secretary-General of OPEC Haitham al-Ghais (R) and Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al-Saud (2nd L) hold a press conference. (Askin Kiyagan/Anadolu Agency via Getty Images / Getty Images)
“This is a historic moment for Brazil and its energy sector, marking a new chapter in dialogue and cooperation within the energy industry,” Silveira said at a news conference Tuesday, according to foreign media. “It is merely a forum for discussing oil-producing nations’ strategies. We should not be ashamed of being an oil producer.”
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Brazil is the largest oil producer in South America, with an output of around 4.32 million barrels of oil per day.
A general view of signage at the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) on February 29, 2024 in Vienna, Austria. (Thomas Kronsteiner/Getty Images / Getty Images)
Silveira said joining OPEC+ shows Brazil’s “growing relevance in the oil and gas markets,” but qualified that the country would “continue to develop its energy policy in line with its own interests.”
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Brazil joins other nations such as Saudi Arabia and Russia in OPEC+’s declaration, but is not expected to take part in its coordinated output caps.
Reuters contributed to this report.
