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Brazil's Petrobras CEO Says Won't Cap Output Under OPEC+

OIL

Brazil is expected to join OPEC+ in January but will not partake in coordinated cuts the CEO of Petrobras told Reuters.

  • "There is no quota," Jean Paul Prates said in an interview. "We would never be part of an organization that imposes (production) quotas to Brazil, Petrobras is a publicly-traded company and we cannot have quotas." Jean Paul Prates said.
  • “Brazil's energy minister said on Thursday the country was eager to join OPEC+ after a full technical analysis. President Luiz Inacio Lula da Silva's office confirmed receiving the invite but said he had not formally responded.” Reuters reported.

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