Do you know that Brazil produces 2.3 million barrels of crude higher than what Nigeria produces?
You may not know but this makes Brazil one of the highest oil producers the world.
An achievement worth gaining the membership of the Organization of Petroleum Exporting Countries (OPEC).
When you check the list of the world’s top crude producers, one country you cannot but find there is Brazil.
Brazil is currently the largest crude producer in Latin America with a production capacity of 3.7 million barrels per day.
It is on this wise that the Organization of the Petroleum Exporting Countries (OPEC) has invited Brazil to become a partner.
Brazil hit 3.7 million barrels crude per day production in September, almost 17% increase from 6.1% hike achieved in August.
OPEC ministers headed by Saudi Arabia and its 10 partners led by Russia while meeting to discuss further output cuts to boost prices.
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The members had the pleasure of welcoming their new entrant, Alexandre Silveira de Oliveira, Minister of Mines and Energy of Brazil.
“Brazil will now formerly join the organization by January 2024,” OPEC said in a press release.
OPEC+ was born in late 2016 when Russia and nine others joined forces with the Saudi-led OPEC to prop up falling prices of crude.
“Considering that Brazil is a large oil producer and is driving oil production growth it is important to have them on board.
“We think Brazil is a good addition to the oil production family,” UBS analyst Giovanni Staunovo said.
The 23-member OPEC+ is a motley crew of countries: Saudi Arabia and Iran are bitter rivals, South Sudan and Libya have been wracked by civil wars and others such as Venezuela are mired in economic crises.
