Brazil, the largest oil producer in South America, has officially joined the Opec+ group, which includes more than 20 countries working together to manage global oil output. The country’s membership, which was first announced in November 2023, has now been formalized, according to a statement by Opec.
While Brazil is now part of the Opec+ Charter of Cooperation—a permanent forum for discussing industry-related issues—it will not be bound by agreements such as output cuts and will not participate in decision-making processes. Alexandre Silveira, Brazil’s minister of mines and energy, clarified that the country’s involvement will be limited to participation in discussions, without the obligations that other Opec+ members face.
Opec+ was established in 2016 to enhance control over oil supply and prices. The coalition includes the 12 Opec members, such as Saudi Arabia, Iran, Iraq, Kuwait, and the UAE, along with 11 non-Opec countries, including Russia, Kazakhstan, and Mexico.
Over the past decade, Brazil has expanded its production capacity significantly, becoming the world’s seventh-largest oil producer. In 2013, Brazil produced 2 million barrels per day (bpd) of crude oil, but by 2023, its output had increased to 3.4 million bpd, or 4.32 million bpd of oil equivalent. The Brazilian Petroleum Institute expects this number to rise further to 3.6 million bpd in 2025, driven by its vast pre-salt oil fields off the coast.
Brazil’s entry into Opec+ underscores the growing influence of emerging economies in shaping global commodity markets. Alongside its oil industry developments, Brazil is also joining the International Renewable Energy Agency (IRENA) and the International Energy Agency (IEA), signaling its commitment to both traditional and renewable energy industries.
