Happy Thursday!
We love a follow-up! We blogged on Brazil’s Mines and Energy
Minister attending an OPEC+ meeting back on November 30, 2023, and he left with
an invitation and its official documentation to join, and until now we hadn’t heard
anything on the subject. Well, I guess
the papers are signed.
Did anyone happen to read The
Houston Chronicle’s Business Section on February 19, 2025, they republished
an article from the Associated Press titled, “Brazil is approved to join
influential OPEC+”? In the article, it goes on to speak about how on Tuesday the
Brazilian National Council for Energy Policy, a government agency, accepted an
invitation from OPEC+ to become a member of the prominent group as well as
becoming a member of International Energy Agency and the International Renewable
Energy Agency. OPEC+ is made up of the
12 members of OPEC plus 10 members from other prominent oil producing countries. OPEC+ tries to even out the price of oil by strategizing
on if they should reduce or increase the supply by the amount they drill daily. The Brazilian Mines and Energy Minister,
Alexandre Silveira de Oliveira acknowledged they would be working together nonetheless
they will not be expected to follow the daily drilling recommendations. Brazil yields approximately 4.3 million
barrels of oil a day or 4% of the world’s supply which makes them seventh on
the list of oil producing exporting countries, although the U.S. is number one, and we currently
supply the world with 22 million barrels a day. In 2024, Brazilian produced oil became its number
one export, and Brazil is using the money to help fund its transition to
renewables or green energy. Brazil’s
National Council for Energy Policy agreed to join these agencies or groups so it
would have a better understanding of emerging technology as well as a seat at
the table for information. Brazil will
be holding the United Nations annual climate summit, COP30, in the Fall. OPEC+ is currently continuing production cuts
in 2025, then in April it appears they will begin increasing production according to Reuters. If you would like to read more Associated
Press’ article in The Houston Chronicle, please click the link: Brazil to join OPEC+, group of major oil-exporting nations.
If you would like help in looking
into how to transport your product efficiently, safely, and with less of a
carbon footprint or just find out what is underneath your feet to help with
your emission reduction goals, contact us via email in the Blog and check out
our ESC website!
We hope you have a wonderful evening and a great rest of
your week!
**Disclaimer: You may be charged a fee to read the article
in The Houston Chronicle. **