{"id":89465,"date":"2024-01-27T19:42:48","date_gmt":"2024-01-28T00:42:48","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=89465"},"modified":"2024-01-27T19:42:49","modified_gmt":"2024-01-28T00:42:49","slug":"brazil-to-join-opec-but-wont-cap-oil-output-petrobras-ceo-says","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=89465","title":{"rendered":"Brazil to join OPEC+ but won’t cap oil output, Petrobras CEO says"},"content":{"rendered":"
\n

By Rodrigo Viga Gaier<\/p>\n

RIO DE JANEIRO (Reuters) – Brazil is expected to join the OPEC+ group of oil-producing countries in January but would not take part in the group’s coordinated output caps, the chief executive of state-run oil firm Petrobras told Reuters.<\/p>\n

The group’s surprising announcement on Thursday that the South American nation would join it raised immediate questions on whether Brazil would take part in the production caps, as OPEC+ nations agreed to voluntary cuts approaching 2 million barrels per day (bpd) for early next year.<\/p>\n

“There is no quota,” Jean Paul Prates said in an interview. “We would never be part of an organization that imposes (production) quotas to Brazil, Petrobras is a publicly-traded company and we cannot have quotas.”<\/p>\n

Brazil’s energy minister said on Thursday the country was eager to join OPEC+ after a full technical analysis. President Luiz Inacio Lula da Silva’s office confirmed receiving the invite, but said he had not formally responded. <\/p>\n

Brazil is the largest oil producer in South America, at 4.6 million barrels per day of oil and gas, of which 3.7 million bpd are crude.<\/p>\n

Prates, who in October received OPEC Secretary General Haitham Al Ghais in Brazil, noted OPEC+ was a group that includes countries with no voting rights and to which production caps are not imposed, which would be the case of Brazil.<\/p>\n

He welcomed Brazil’s move to join the group.<\/p>\n

“Brazil would start participating in the meetings as some kind of observer member, which I think is really nice,” Prates said, adding the move would be key to OPEC’s and Brazil’s energy transition efforts.<\/p>\n

He expects Brazil to formally accept the invitation by June. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Rodrigo Viga Gaier RIO DE JANEIRO (Reuters) – Brazil is expected to join the OPEC+ group of oil-producing countries in January but would not take part in the group’s coordinated output caps, the chief executive of state-run oil firm Petrobras told Reuters. The group’s surprising announcement on Thursday that the South American nation would […]<\/p>\n","protected":false},"author":1,"featured_media":89466,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-89465","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nBrazil to join OPEC+ but won't cap oil output, Petrobras CEO says | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By Rodrigo Viga Gaier RIO DE JANEIRO (Reuters) - Brazil is expected to join the OPEC+ group of oil-producing countries in January but would not take part\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=89465\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brazil to join OPEC+ but won't cap oil output, Petrobras CEO says | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"By Rodrigo Viga Gaier RIO DE JANEIRO (Reuters) - 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