Brazil’s government has officially approved joining OPEC+, reinforcing the coalition’s global influence while preserving production autonomy. As the world’s seventh-largest oil producer, Brazil’s entry ahead of COP30 emphasizes its commitment to both fossil fuels and renewables, enhancing international oil strategy coordination without binding production limits. This move reshapes global energy.
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The Government of Brazil officially approved the country’s entry into OPEC+, a coalition of major oil-exporting nations.
OPEC (Organization of the Petroleum Exporting Countries) is an intergovernmental group founded in 1960 at the Baghdad Conference to stabilize global oil markets.
Its Original member countries—Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela—coordinate production to ensure fair prices for producers and regular supplies for consumers. Over time, members like Qatar, Indonesia, and Ecuador joined but later exited.
It currently comprises 12 member countries, accounting for 38% of global oil production, according to a 2022 report.
It is estimated that 79.5% of the world's proven oil reserves are located within OPEC nations, with the Middle East alone accounting for 67.2% of OPEC's total reserves.
In 2016, OPEC partnered with 10 non-OPEC oil-producing nations (including Russia, the world’s second-largest producer) to form OPEC+.
This alliance aimed to counter falling oil prices caused by surging U.S. shale production. OPEC+ now includes 23 members, with Brazil joining in February 2025.
Brazil’s National Council for Energy Policy approved joining OPEC+ in February 2025, nine months before hosting COP30, the UN climate summit.
Brazil will participate in OPEC+’s Charter of Cooperation, a forum for discussing oil strategies, but will not adhere to production limits or decision-making processes.
Brazil’s Oil Industry
Brazil is the world’s seventh-largest oil producer, pumping 4.3 million barrels daily (4% of global output). In 2024, crude oil surpassed soybeans as its top export, accounting for 13.3% of foreign sales.
Brazil’s entry strengthens OPEC+’s role in shaping oil prices, though Brazil retains autonomy over production decisions.
Brazil’s dual focus on fossil fuels and renewables (e.g., joining the International Renewable Energy Agency) highlights its ambition to balance economic and environmental priorities.
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