Brazil joins OPEC+ charter, no production cuts planned
MOSCOW. Feb 19 (Interfax) - Brazil's National Energy Council has approved the country's participation as a member of the OPEC+ Charter of Cooperation, OPEC said.
The decision was made following an initial statement by Brazilian Mines and Energy Minister Alexandre Silveira during the 36th OPEC+ Ministerial Meeting on November 30, 2023.
The Charter of Cooperation, established in July 2019, provides a platform for facilitating dialogue and exchanging views on global oil and energy markets. Its goal is to ensure a reliable energy supply and long-term stability for the benefit of producers, consumers, investors and the global economy.
"It is important to emphasize that the Charter of Cooperation does not involve participation in decisions aimed at reducing oil production. The Charter also does not restrict or affect Brazil's sovereign right over the exploration and management of its natural resources. In this context, the country will continue to develop its energy policy in line with its own interests," the Brazilian Energy Ministry said. Brazil produces approximately 3.5-3.8 million barrels of oil per day, accounting for 3%-4% of global demand.
The National Energy Council also approved Brazil's membership in the International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA) due to its strong presence in renewable energy and leadership in biofuel production.
"Membership expands the country's influence in the energy transition, strengthens medium- and long-term energy security planning, and provides access to strategic opportunities such as technical training and public policy development," the Energy Ministry said.
Participation in these forums aligns with Brazil's National Energy Plan 2050, which promotes the sustainable development of renewable energy alongside fossil fuel exploration. Brazil will use its presence in these organizations to advance sustainable practices, low-carbon technologies and energy transition financing mechanisms in line with decarbonization targets set in the country's second Nationally Determined Contributions (NDC) document.
