Brazil’s government has approved the country’s entry into OPEC+, the alliance of major oil-exporting nations, marking a significant step in its emergence as a key player in the global oil market. The decision, made by the National Council for Energy Policy, comes at a critical time as Brazil prepares to host the UN Climate Summit COP30 in November 2025, where reducing fossil fuel use will be a key focus. This strategic decision to join OPEC+ not only signifies Brazil’s rising role in global oil markets but also underscores its commitment to influencing energy policies on the international stage.
Key Highlights
OPEC+ Membership
- Brazil will join the OPEC+ group under the Charter of Cooperation, a forum for discussing industry-related issues.
- Unlike other members, Brazil’s participation will not bind it to production limits.
- Brazil was officially invited to join OPEC+ in 2023.
Oil Production & Trade
- According to the US Energy Information Administration, Brazil is currently the world’s seventh-largest oil producer, with an output of approximately 4.3 million barrels per day (4% of global production).
- In 2024, crude oil overtook soy as Brazil’s top export, contributing 13.3% of total foreign sales.
- For context, the US produces nearly 22 million barrels per day, while Saudi Arabia, the largest OPEC producer, outputs about 11 million barrels per day.
Significance
- Strategic Partnership:
Brazil’s entry into OPEC+ will enhance its strategic influence in the global oil market while providing a platform for international dialogue on energy issues. - Economic Impact:
As Brazil continues to expand its oil production and trade, joining OPEC+ can help bolster its export revenue and provide leverage in global price negotiations. - Global Energy Transition:
The move comes at a time when the global focus on reducing fossil fuel dependency is intensifying, especially with the upcoming COP30 summit. Brazil’s involvement in OPEC+ could lead to balanced discussions on sustainable practices and production policies. - Regional Dynamics:
By joining a bloc that includes some of the world’s largest oil producers, Brazil is aligning itself with global powers and strengthening its position in the international energy landscape.
About OPEC+
- OPEC+ is a bloc comprising the 12 OPEC members and 10 other major oil-producing countries (including Russia), formed in 2016 to better manage the global crude oil market. OPEC is headquartered in Vienna, Austria.
- Key OPEC members include Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela.
- OPEC+ members also include Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan, and Sudan.
- In 2023, OPEC and OPEC+ countries together accounted for 53% of global crude oil production, down from 60% in 2016.