BRICS: Brazil is Latest Alliance Member to Join OPEC+

Joshua Ramos
Brazil DeFi ETF
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In a move that is certainly indicative of the bloc’s growing status globally, Brazil is the latest BRICS member to join the OPEC+ collective. Indeed, reports have stated that the country is set to become a part of the highly influential oil alliance in a meeting that discussed its oil strategy heading into 2024.

The Organization of the Petroleum Exporting Countries (OPEC) brings together some of the largest oil production countries on the planet. Now, Brazil’s energy minister, Alexandre Silveira, has announced the country’s inclusion on that list. Subsequently, it joins fellow BRICS countries like Saudi Arabia, the United Arab Emirates (UAE) and Iran.

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Brazil Joins Saudi Arabia, UAE, and Iran in OPEC+ Collective

The BRICS economic alliance has been present since the phrase was first coined in 2001. However, it was not until recently that it began to establish a greater presence in the overall global order. With notable growth happening this year, the bloc has expanded and increased its influence in key sectors.

One of those is the oil industry, as the BRICS bloc has seen Brazil be its latest member to join the highly influential OPEC+ collective. The group combines some of the world’s most important oil producers and already boasts three BRICS countries among its ranks.

Source: Reuters

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Brazil’s Silveira confirmed President Lula Da Silva’s acceptance into the collective. Moreover, he reiterated that its position among the OPEC nations would be made official at the start of next year. However, Silveira stated that the country has yet to review the “document of cooperation” it received from the coalition.

No details surrounding its invitation to the collective have been identified as of yet. To this point, the country has only made clear its intention to become a part of the oil production collective. Conversely, the development proves the overall oil industry dominance that is assured by the BRICS bloc. Additionally, noting that the increased share of global oil production could only increase within the coming year.