Opec+ ministers have announced that Brazil will join their oil bloc in January, bringing one of the world’s fastest-growing oil producers into their alliance.
The move announced by the Opec oil cartel makes an ally out of one of the key rivals to Opec+, the world’s independent oil producers.
The International Energy Agency says booming crude oil production in the United States and Brazil has been frustrating efforts by Opec+ to rein in global oil supply.
Jose Chrispiniano, press secretary for President Luiz Inacio Lula da Silva, says the invitation is under analysis.
Opec+ members, which include Opec nations and allied producers led by Russia, are working to bring oil prices back up amid market oversupply and anticipated falling demand next year.
