Brazil is set to join the OPEC+ group of oil exporting countries.
Brazil will join the group as of January 2024, news agency Reuters reported on Thursday, citing a decision made at the ongoing OPEC+ meeting in Vienna.
Brazil currently produces about 3.2 million b/d of oil, adding a significant amount to the baseline from which the producer group can base its output cuts to stabilise the market. Brazil is currently on track for significant expansion of its oil production, which would work against any OPEC+ cuts.
OPEC Secretary General Haitham Al Ghais had met Brazilian Minister of Mines and Energy Alexandre Silveira in a visit to the country in October.