Brazil has officially joined the OPEC+ alliance, the Brazilian Energy Ministry announced, however, it will not be subject to any production ceilings set by the alliance.
In recent years, Brazil has increased its oil production, making it the seventh-largest oil producer in the world.
Brazil is the largest oil producer in South America, with production reaching 4.32 million barrels per day in 2024.
On Monday, Bloomberg News quoted delegates as saying that the OPEC+ alliance was considering postponing a series of monthly supply increases scheduled to begin in April.
On February 3, the OPEC+ alliance left its production policy unchanged, as expected.
The OPEC+ Ministerial Monitoring Committee confirmed the agreement countries’ commitment to the decisions taken during the alliance’s meeting on December 5, according to a statement following the committee’s meeting.
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