Brazil has officially announced its decision to join OPEC+, the influential alliance of major oil-exporting nations, marking a significant milestone in the country’s energy sector. The move, approved by the National Energy Council on Tuesday, follows an invitation extended in 2023, reflecting Brazil’s growing role as a global oil powerhouse.
OPEC+, established in 2016 to regulate oil supply and stabilize prices, consists of 12 core members from the Organization of the Petroleum Exporting Countries (OPEC)—led by Saudi Arabia—as well as 11 non-OPEC nations, including Russia, Oman, Kazakhstan, Bahrain, Mexico, and Malaysia.
“This is a historic moment for Brazil and its energy sector, marking a new chapter in dialogue and cooperation within the energy industry,” said Mines and Energy Minister Alexandre Silveira during a press conference. He emphasized that Brazil’s participation would be limited to a forum for discussion rather than decision-making, stating, “We should not be ashamed of being an oil producer.”
Brazil’s Oil Sector at a Glance
Brazil is the world’s seventh-largest oil producer, generating approximately 4.3 million barrels per day (bpd)—around 4% of global output, according to the U.S. Energy Information Administration (EIA). In 2024, crude oil surpassed soy as Brazil’s top export product, accounting for 13.3% of foreign sales.
Looking ahead, the Brazilian Petroleum Institute predicts oil production will rise to 3.6 million bpd in 2025, driven by the country’s pre-salt fields—enormous offshore reserves located up to 7 km below the ocean surface. The EIA projects global oil production to expand by 1.9 million bpd in 2024 and 1.6 million bpd in 2025, largely fueled by increased output from the U.S., Guyana, Canada, and Brazil.
No Production Cuts, Independent Energy Policy
Despite joining OPEC+, Brazil will not be subject to production quotas or mandatory output cuts. Minister Silveira reaffirmed that the country would continue developing its energy policy in alignment with national interests, ensuring flexibility in production levels and economic strategy.
Brazil’s participation in OPEC+ will be guided by the Charter of Cooperation, a framework established in July 2019 to facilitate dialogue and exchange of views on global oil market trends. The goal is to enhance energy security and price stability while benefiting producers, consumers, investors, and the broader economy.
Brazil Strengthens Global Energy Ties
In addition to joining OPEC+, Brazil has also confirmed its decision to become a member of the International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA), signaling a broader commitment to shaping global energy policies.
Brazil’s entry into OPEC+ highlights the increasing influence of emerging economies in determining global commodity prices, reinforcing the nation’s status as a key player in the energy market.
