Opec+ says Brazil is joining global coalition of oil producers

Opec+ Says Brazil Is Joining Global Coalition Of Oil Producers
Opec sign, © Copyright 2022 The Associated Press. All rights reserved
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By Courtney Bonnell and Josh Boak, AP

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.

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