Brazil to join OPEC+, group of major oil-exporting nations

Brazil to join OPEC+, group of major oil-exporting nations
Brazil to join OPEC+, group of major oil-exporting nations 🇧🇷 Brazil , Latin America's largest oil producer, has announced it will join the OPEC+ 🛢️ alliance, as confirmed by its Energy Minister. This move aims to enhance cooperation in stabilizing global oil markets 🌍 and advancing energy transition initiatives ⚡ . Notably, Brazil will participate in OPEC+ discussions but will not adhere to the group's production quotas , retaining full control over its output. Currently producing 3.7 million barrels per day (bpd) 🏭 , Brazil plans to increase production to 5.3 million bpd by 2030 🚀 , leveraging its vast offshore pre-salt reserves 🌊. By joining OPEC+ , a coalition of OPEC members and allies like Russia 🇷🇺 , Brazil strengthens the group's market influence amid shifting global energy dynamics 🔄. ⚖️ Domestic concerns have emerged: Critics warn of potential risks to Brazil’s energy independence , while 🌱 environmental groups fear that increased fossil fuel investments could un…

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