Robert Besser
21 Feb 2025, 10:06 GMT+10
BRASILIA, Brazil: Brazil has officially approved joining OPEC+, aligning itself with the world's major oil-exporting nations just months before hosting the United Nations' annual climate summit.
The decision, made by the National Council for Energy Policy, follows an invitation extended in 2023. OPEC+ consists of the 12 members of OPEC, which coordinates oil production to stabilize markets, along with 10 other major oil-producing nations, including Russia.
Mines and Energy Minister Alexandre Silveira clarified that Brazil's membership would not require production cuts or binding commitments. "We should not be ashamed of being oil producers," Silveira said. "Brazil needs to grow, develop, and create income and jobs." He described OPEC+ as merely a "forum for discussing strategies among oil-producing countries."
President Luiz Inacio Lula da Silva, who has positioned himself as an environmental advocate, has worked to curb Amazon deforestation and strengthen Indigenous rights. However, he has also argued that oil revenue is essential to fund Brazil's transition to green energy. Recently, Lula has pressured environmental regulators to approve exploratory drilling near the mouth of the Amazon River, a region known for its biodiversity.
Brazil ranks as the world's seventh-largest oil producer, with an output of approximately 4.3 million barrels per day, accounting for four percent of global supply, according to the U.S. Energy Information Administration. In 2024, crude oil became Brazil's top export, surpassing soy and making up 13.3 percent of the country's total foreign sales.
The United States remains the world's largest oil producer, generating nearly 22 million barrels per day, while Saudi Arabia, OPEC's leading producer, produces around 11 million barrels.
Brazil's decision to deepen its oil industry ties comes as it prepares to host the COP30 climate summit in November. The move has sparked criticism from environmental groups, who argue that expanding fossil fuel exploration contradicts global efforts to combat climate change.
"Brazil's entrance to any OPEC body is another sign of the government's setback," said Suely Araujo, a spokesperson for the Climate Observatory, a coalition of 133 environmental, civil society, and academic organizations. Opening new areas for fossil fuel exploration, she added, "indicates that we are choosing solutions from the past in the face of a huge challenge for the present and the future.
Get a daily dose of Jamaican Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Jamaican Times.
More InformationNEW YORK, New York - U.S. stock markets traded sideways on Tuesdays as investors weighed up the impact U.S. Preident Donald Trump's...
NEW YORK CITY, New York: A drop in mortgage rates and more housing inventory helped drive a surge in mortgage activity at Bank of America...
WASHINGTON, D.C.: U.S. President Donald Trump said this week he would work to see federal funding end for news outlets NPR and PBS....
LONDON/NEW YORK CITY: A cup of coffee could soon cost you a lot more. Roasters worldwide are warning of double-digit price hikes as...
NEW YORK, New York - Industrial stocks advanced while the tech sector was under considerable prressure Monday as Liberation Day, approaches....
BERLIN/DETROIT: Automakers worldwide are bracing for the impact of sweeping new U.S. tariffs that could reshape global vehicle production...
ANDONG, South Korea: Wildfires in South Korea have doubled in size in just one day, making them the country's worst fire disaster....
WASHINGTON, D.C.: Boeing is now heading to trial this summer, after a U.S. judge unexpectedly set a date in the criminal fraud case...
RALEIGH/COLUMBIA: Dry weather, strong winds, and fallen trees from Hurricane Helene have sparked wildfires in North Carolina and South...
GENEVA,.Switzerland - The International Federation of Red Cross and Red Crescent Societies (IFRC) has expressed profound outrage following...
RIYADH, Saudi Arabia: Tesla is finally entering Saudi Arabia, with a launch scheduled for next month—marking a significant shift in...
BRUSSELS, Belgium: Apple appears to have dodged a major regulatory setback in Europe, following recent changes to how users select...