The Head of Petrobras Said That Brazil Will Join OPEC+
Brazil will join OPEC+ (an expanded partnership format of OPEC oil exporting countries), but will not reduce energy production within the limits agreed upon by the association. Jean-Paul Prates, CEO of the Brazilian national oil and gas company Petrobras, announced this in an interview with Reuters.
“We would never be part of an organization that imposes quotas [on oil production] in Brazil. Petrobras is a publicly traded company and we cannot have quotas,” he said. Brazil “will not have the right to vote” within OPEC+, so it “is not subject to production restrictions,” the head of Petrobras said.
At the same time, he positively assessed the country’s future participation in the partnership, indicating that this step will be key in the framework of the joint efforts of the countries of the association and Brazil on the energy transition. According to Prates, he expects the country to formally accept the invitation to join OPEC+ in June 2024, until then it will participate in the organization’s meetings as an observer.
Currently, OPEC+ includes 23 countries, including the world’s largest oil producers – Russia and Saudi Arabia. Brazil is also a major player in global oil production. According to the national regulator, oil production in the country now exceeds 3 million bpd. In July, OPEC Secretary General Haitham al-Ghais mentioned that he was working to expand the organization.
