Brazil has announced its decision to join OPEC+, a bloc that gathers the member countries of the Organization of the Petroleum Exporting Countries (OPEC) as well as other oil-producing countries. The country will not have any binding obligation such as production cuts and will not participate in decisions. The participation will be limited to the Charter of Cooperation, a permanent forum for OPEC and OPEC+ countries to discuss industry-related issues. OPEC + was formed in 2016 to exert more control over on the global crude-oil market.
OPEC members comprise Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates and Venezuela. OPEC+ members include Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan. OPEC and OPEC+ members accounted for 53% of global crude oil production in 2023, compared to 60% in 2016. Brazil’s crude oil output represented 4% of global oil production in 2023.
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