{"id":8920,"date":"2023-12-01T11:56:24","date_gmt":"2023-12-01T11:56:24","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=8920"},"modified":"2023-12-01T11:56:24","modified_gmt":"2023-12-01T11:56:24","slug":"brazil-set-to-join-influential-opec-oil-producers-alliance","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/8920\/","title":{"rendered":"Brazil set to join influential OPEC+ oil producers\u2019 alliance"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Brazil will join the influential OPEC+ oil coalition that unites some of the biggest crude-producing nations in the world, according to Brazilian Energy Minister Alexandre Silveira.<\/p>\n

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The announcement was made during a postponed OPEC+ meeting to discuss oil output strategy over 2024, amid languishing prices weighed by fragile demand recovery in China, geopolitical risks and uncertainty over supplies, CNBC reported.<\/p>\n

In footage shared from the meeting, Silveira said that President Lula da Silva had approved his country\u2019s membership, starting next year.<\/p>\n

\u201cI 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,\u201d he said.<\/p>\n

\u201cIt 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,\u201d he added.<\/p>\n

The document of cooperation of OPEC+ underpins the coalition and must be accepted by all group members.<\/p>\n

It was not immediately clear if Brazil would have to carry out any production cuts starting next year, as a result of its membership.<\/p>\n

Both the OPEC+ alliance and the OPEC subset of the group have been on the hunt for new members, as an increase in the number of aligned producers will also raise the coalition\u2019s market share \u2013 and, implicitly, the impact of its coordinated policies over supply inventories and prices.<\/p>\n

The announcement of Brazil\u2019s membership to the Saudi Arabia and Russia-dominated OPEC+ comes after OPEC members Saudi Arabia, Iran and the United Arab Emirates were over the summer invited to join the BRICS groups of emerging markets, which includes Rio de Janeiro.<\/p>\n<\/div>\n<\/div>\n

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