| 2 March 2024, Saturday |

Brazil not expected to cap oil output as part of OPEC+, sources say

According to sources, Brazil is not anticipated to participate in the coordinated output caps of the group, but the country’s energy minister stated on Thursday that the country hopes to join the OPEC+ group of oil-producing nations in January following a thorough technical review.

The administration of President Luiz Inacio Lula da Silva acknowledged that he received the invitation while in Saudi Arabia, but he did not formally reply.

The president’s office and the Mines and Energy Ministry did not say whether Brazil would participate as an OPEC+ observer or as a full participant in the group’s shared production quotas.

Brazil is not expected to take part in any OPEC+ output caps, said three people familiar with the matter, who requested anonymity to discuss the confidential discussions.

OPEC+ nations on Thursday agreed to voluntary output cuts approaching 2 million barrels per day (bpd) for early next year.

Mines and Energy Minister Alexandre Silveira told his OPEC+ peers that Brazil was eager to formally enter the group at a future meeting in Vienna, after a technical review of its charter for cooperation.

  • Reuters