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OPEC Hints at Brazil Membership Candidacy

OIL

OPEC has made progress on talks to expand its candidacy which may be taken up by Brazil, according to Argus citing OPEC secretary general Haitham Al-Ghais.

  • OPEC has held consultations with Mexico, Azerbaijan, Malaysia, and Brunei. Expanding to Brazil which is currently not in OPEC+ would be a first.
  • “Today Brazil has become one of the biggest exporters and they've stopped buying up crude. So the door is open," al Ghais said.
  • Brazil’s current production is now around 3.7m b/d and is expected to rise by another 1m b/d by 2035, according to Argus.
  • OPEC members currently cover around 40% of global crude production. The UAE’s Energy Minister said that OPEC covering a larger portion of supply, such as 60-70%, would aid stability.
Energy BulletsCommodities
Energy BulletsCommodities

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