Brazil seeks greater oil market influence
Despite environmental criticism, President Lula sees opportunity to build bridges with OPEC+ allies
Latin America’s largest oil producer welcomed in the new year as the newest recruit to the OPEC+ alliance with oil output booming and ambitions to help shape global pricing. The government boasted almost 20% annual production growth heading into December and has ambitions to make the country the fourth-largest oil producer by 2030. Surging domestic production is at the heart of Brazil’s recent admission into OPEC+. The pact recognises the country’s increasing influence, particularly as pre-salt oil ramps up, while the Brazilian government also wants to build tighter economic and political relations with the world’s largest exporters. “OPEC+ membership would allow Brazil to forge closer ties
Also in this section
1 May 2024
Energean CEO Mathios Rigas looks to results of critical Anchois appraisal well
30 April 2024
While its regional neighbours reap the rewards of oil and gas success, Iraq’s hydrocarbons sector is lagging behind
29 April 2024
Although recent, firmer gas prices have blunted some price-sensitive demand, the overall growth outlook remains robust
26 April 2024
While the US has been breaking records for its premium grade crude, there are doubts over whether you can have too much of a good thing