The Organization of the Exporting Countries of Oil (OPEC) has gained a new partner country. On Tuesday, Brazil’s Energy Council signed a corresponding document, thereby joining the informal association of OPEC+ unofficially. The move followed an official invitation in the fall of 2023. OPEC welcomed Brazil’s decision in a statement on its website.
Brazil’s Energy Minister Alexandre Silveira stated at a press conference that his country would not enter into binding commitments regarding oil production, despite its cooperation with OPEC member states. The partnership is limited to the cooperation charter and Brazil will not participate in OPEC’s decision-making process. Silveira referred to the partnership as a “forum for discussing strategies”. Brazil produces oil and should not be ashamed of it, as it needs to develop and create new jobs.
According to the US Energy Information Administration (EIA) and news agency Bloomberg, Brazil is the world’s seventh-largest oil producer, producing around 4.3 million barrels of crude oil daily, which accounts for four percent of global oil production. Oil was the country’s most important export product in 2024, accounting for 13.3 percent of its total exports.
The decision of the Brazilian government, however, has already been criticized by climate protection organizations. In particular, it is emphasized that Brazil is hosting the UN Climate Change Conference COP30 in November.
Currently, OPEC has 12 member states. In total, Algeria, Equatorial Guinea, Gabon, Iran, Iraq, the Republic of the Congo, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates and Venezuela account for around 40 percent of the world’s oil production and possess three-quarters of the global oil reserves. The OPEC member states coordinate their oil production among themselves to stabilize the global market and influence the oil price. Additionally, the organization cooperates with other countries such as Russia, Kazakhstan, Mexico and Oman, earning the informal name OPEC+.