Oil & Gas Brazil joins Opec+ oil producers’ group By Eva Levesque February 19, 2025, 3:56 PM Reuters/Heeb Christian/Presseagentur Brazil became the world’s seventh-largest oil producer after expanding its production capacity over the past decade Takes membership to 23 Not bound by cuts agreements Also joins Irena and IEA Brazil, the largest oil producer in South America, has officially joined the Opec+ group of more than 20 countries that attempts to manage global oil output. The participation formalises an initial announcement in November 2023, a statement by Opec said. Brazil’s membership will be limited to the Opec+ Charter of Cooperation, a permanent forum between oil-producing countries to discuss industry-related issues. The country will not participate in decisions and will not be bound by obligations such as output cuts, said Alexandre Silveira, Brazil’s minister of mines and energy. Opec+, created in 2016 to enhance control over oil supply and prices, is a coalition of the 12 members of the Organisation of the Petroleum Exporting Countries, led by Saudi Arabia and including Iran, Iraq, Kuwait and the UAE, and 11 non-Opec oil producing nations, led by Russia and including Oman, Kazakhstan, Bahrain, Mexico and Malaysia. Brazil and UAE sign minerals exploration deal From fertiliser to minerals, GCC-Brazil ties move beyond oil Saudi Arabia’s PIF to invest $15bn to drive Brazil’s growth Brazil became the world’s seventh-largest oil producer after expanding its production capacity over the past decade. From producing 2 million barrels per day of crude in 2013, in 2023 the country’s output reached 3.4 million bpd, or 4.32 million bpd of oil equivalent. The Brazilian Petroleum Institute has predicted that Brazil’s oil production will reach 3.6 million bpd in 2025, a 6 percent increase, thanks to the enormous reservoirs called pre-salt fields up to 7km below the ocean off the Brazilian coast. Brazil’s entry into Opec+ reflects a growing desire by emerging economies to exert more influence over global commodity prices. The US Energy Information Administration expects world production to increase by 1.9 million bpd this year and 1.6 million bpd next year, driven by four countries in the Americas, the US, Guyana, Canada and Brazil. Brazil has also decided to become a member of the International Renewable Energy Agency and the International Energy Agency, the government said on Tuesday.
