• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 days The United States produced more crude oil than any nation, at any time.
  • 10 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days How Far Have We Really Gotten With Alternative Energy
  • 9 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 9 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 11 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 11 days e-truck insanity
  • 11 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
China Exports Gasoline Using Blockchain In Unprecedented Move

China Exports Gasoline Using Blockchain In Unprecedented Move

China’s Sinochem Energy Technology Co has…

Iran's Attack on Israel Sparks Global Concerns of Escalation

Iran's Attack on Israel Sparks Global Concerns of Escalation

Diplomatic and political leaders worldwide…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

OPEC Says Door Is Open for Brazil To Join Oil Group

OPEC’s door is open should Brazil wish the join the oil exporting group, OPEC’s Secretary General HE Haitham al-Ghais said at this week’s Argus European Crude Conference.

“Today, Brazil has become one of the biggest exporters and they’ve stopped buying up crude. So the door is open,” al-Ghais said.

For OPEC, it makes sense to bring Brazil into the fold, with its oil and gas production hitting record highs in July of 4.48 million boe/d. Oil output was up 18.6% year over year according to ANP data, reaching 3.51 million bpd. To hear Wood Mackenzie tell it, Brazil’s private oil companies are expected to boost production by 75% by 2030. State-run Petrobras is expected to grow production by 81% within that same timeframe, and Petrobras said it is willing to spend $78B from 2022-2026 to boost its production.

Brazil’s quick rise in the oil industry to become a significant exporter makes it not just a tantalizing morsel for OPEC, but its lack of membership could represent a threat to the group, with major producers offsetting some of OPEC’s power to keep the oil markets in balance.

There have been few benefits bandied about, however, for Brazil in joining OPEC.

In early January 2020, Brazil’s energy minister Bento Albuquerque declined to join OPEC. “The idea is just to increase our production and to participate more in the international oil and gas market,” he said at the time. “But this is not a plan for Brazil to join OPEC or any other association or group of oil and gas producers. We don’t want restrictions, we want to increase our production.”

The only benefit would be that Brazil joining OPEC would add strength to the group and make it easier to control the market—and Brazil would then be part of that strengthened group.

By Julianne Geiger for Oilprice.com


More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • Carlos Blanco on November 07 2023 said:
    Brazil, Guyana, and Namibia are the rising stars in the oil business. It doesn't make sense for them to join OPEC. There will be no benefit for them. Why would they want to join an organization that would restrict their production just to satisfy the political agenda of rogue countries like Saudi and Russia?

    OPEC is getting irrelevant and they know that quite well. That's why they are desperate to bring in more muscles.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News