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Brazil Seeks OPEC+ Membership as Observer: Lula

OIL

Brazil only seeks to operate within OPEC+ as an observer and not a full member according to Brazilian President Luiz Inacio Lula da Silva on Sunday.

  • "Brazil should join OPEC+, it could be an observer," Lula said on Sunday. "Brazil will never be a full member of OPEC, because we don't want to be. What we want is to influence."
  • "I think that in participating this way, we will convince people that a part of the money made from oil should be invested for us to nullify oil, creating alternatives," Lula said. "There is no contradiction."
  • Petrobras’ CEO Jean Paul Prates told Reuters last week that Brazil would join OPEC+ in January but would not take part in the groups output caps.
  • "There is no quota," 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."
Energy BulletsCommodities
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