Brazil is currently considering an invitation to join OPEC+, which is a group of 23 countries producing and exporting oil worldwide. The invitation is being reviewed by Alexandre Silveira, the Minister of Mines and Energy. OPEC, established in 1960, is made up of 13 primary oil producers, while OPEC+, created in 2016, includes 10 more countries such as Russia and Saudi Arabia. Brazil is the leading oil producer in Latin America and ranks ninth globally, producing 3.672 million barrels per day. The US, Russia, and Saudi Arabia produce more than 40% of the world’s oil output.
Source: Agência Brasil