Brazil to become member of OPEC+ coalition

Brazil will become a member of the OPEC+ coalition in January 2024, Brazilian Energy Minister Alexandre Silveira announced on Nov. 30, 2023.

The announcement was made during the rescheduled OPEC+ meeting convened to discuss the oil output strategy for 2024. The meeting took place against the backdrop of sluggish prices due to a fragile demand recovery in China, geopolitical uncertainties, and concerns about oil supplies.

In video footage from the meeting, Silveira disclosed that President Lula da Silva had given consent for Brazil to join OPEC+. " I would like to conclude my words by informing you that the honorable President Lula confirmed our entry into the OPEC+ cooperation charter from January 2024," he said.

“It is important that our technical crew analyzes the content of the document that we just received, the charter of the cooperation. It is part of our government protocol to do this,” he added.

At the time of the announcement, it was unclear whether Brazil would be required to implement production cuts as a condition of membership.

Both OPEC and the OPEC+ alliance are actively seeking new members, as the addition of alliance producers will increase the alliance's market share and thus the impact of its coordinated policies on oil supply and prices.

The 37th OPEC and non-OPEC Ministerial Meeting will be held on June 1, 2024 in Vienna.