Brazilian authorities approve country's accession to OPEC+ Charter of Cooperation

National Energy Council of the Federative Republic of Brazil (CNPE) has approved the decision to join the OPEC+ Charter of Cooperation among oil-producing countries. This is reported on the organisation's website.

"The decision comes after an initial announcement made by Alexandre Silveira, Minister of Mines and Energy of Brazil, at the 36th OPEC and non-OPEC Ministerial Meeting (ONOMM) on 30 November 2023," the statement said.

The OPEC press office specified that thanks to the efforts of Saudi Arabia's Energy Minister Abulaziz bin Salman, a series of visits and bilateral meetings with the Brazilian leadership took place in 2024, leading to the republic's accession to the OPEC+ Charter of Cooperation.

According to Toda Palavra, a partner of TV BRICS, CNPE also approved Brazil's accession to the International Energy Agency (IEA) and the republic's participation in the International Renewable Energy Agency (IRENA). According to Silveira, these organisations play a key role in the future of global energy and the country's accession to them will strengthen its position in the energy transition.

"Brazil is a leader in renewable energy and the global energy transition. We cannot stay on the sidelines of this process, especially now," the Brazilian minister emphasised.

The country was invited to join OPEC+ in 2023 during Brazilian President Luiz Inacio Lula da Silva's visit to Saudi Arabia. As the head of the republic's energy ministry said earlier, participation in the organisation's activities will help develop the economy and ensure sustainable growth.

The Organisation of the Petroleum Exporting Countries was established in 1960 to coordinate the oil policy of member countries, stabilise oil prices and control production volumes. OPEC members include Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the UAE, and Venezuela. The OPEC+ Charter of Cooperation is a platform for exchanging views on the state and development of the world oil and energy markets. The expanded format of the association includes the OPEC cooperating countries: Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan.

Photo: Ricardo Stuckert / official website of the Brazilian President