Brazil has decided to become a member of the OPEC+ Charter of Cooperation, according to an OPEC statement.
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“OPEC welcomes the decision approved today by the National Energy Council of the Federative Republic of Brazil, which officially paves the way for Brazil’s participation as a member of the Charter of Cooperation (CoC) between Oil-producing Countries,” the statement said.
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Following the ministerial meeting in November 2023, OPEC+ announced that Brazil would cooperate with the alliance from January 1, 2024. But, as OPEC Secretary General Haytham al-Gais explained to reporters, the cooperation between Brazil and OPEC+ is not related to the alliance’s agreement on reducing oil production (Declaration of Cooperation, DoC).
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The report notes that in 2024, a number of high-level OPEC+ meetings were held with the Brazilian side, after which the country’s accession to the Charter of Cooperation was announced.
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“The Charter of Cooperation, signed in July 2019, provides a platform to facilitate dialogue and exchange views on conditions and changes in the global oil and energy markets. The goal is to promote reliable energy supply and long-term stability for the benefit of producers, consumers, investors and the global economy,” OPEC said.
