{"id":89611,"date":"2024-02-04T05:16:45","date_gmt":"2024-02-04T10:16:45","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=89611"},"modified":"2024-02-04T05:16:50","modified_gmt":"2024-02-04T10:16:50","slug":"brazil-not-expected-to-cap-oil-output-as-part-of-opec-sources-say","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=89611","title":{"rendered":"Brazil not expected to cap oil output as part of OPEC+, sources say"},"content":{"rendered":"
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By Lisandra Paraguassu, Marta Nogueira and Rodrigo Viga Gaier<\/p>\n

BRASILIA\/RIO DE JANEIRO (Reuters) -Brazil hopes to join the OPEC+ group of oil-producing countries in January after a full technical analysis, the country’s energy minister said on Thursday, however sources said Brazil is not expected to take part in the group’s coordinated output caps.<\/p>\n

President Luiz Inacio Lula da Silva’s office confirmed receiving the invite during his trip to Saudi Arabia, but said he had not formally responded.<\/p>\n

The president’s office and the Mines and Energy Ministry did not say whether Brazil would participate as an OPEC+ observer or as a full participant in the group’s shared production quotas.<\/p>\n

Brazil is not expected to take part in any OPEC+ output caps, said three people familiar with the matter, who requested anonymity to discuss the confidential discussions. <\/p>\n

OPEC+ nations on Thursday agreed to voluntary output cuts approaching 2 million barrels per day (bpd) for early next year.<\/p>\n

Mines and Energy Minister Alexandre Silveira told his OPEC+ peers that Brazil was eager to formally enter the group at a future meeting in Vienna, after a technical review of its charter for cooperation.<\/p>\n

“It’s all set. But there is a phase of detailed analysis by our technical team of the document we just received, which is part of the protocol in Brazil,” Silveira said in Portuguese during a virtual meeting, where his comments were met with a standing ovation from OPEC+ ministers.<\/p>\n

In a written statement, OPEC+ said it welcomed Silveira to the meeting, adding that Brazil “will join the OPEC+ Charter of Cooperation starting January 2024.”<\/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

State-controlled company Petrobras dominates crude production with 2.35 million per day, mostly processed in Brazil’s refineries, followed by Shell (LON:) with 411,000 bpd, TotalEnergies (EPA:) with 146,000 bpd, Petrogal with 110,000 bpd and CNOOC (NYSE:) with 74,000 bpd.<\/p>\n<\/div>\n

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

By Lisandra Paraguassu, Marta Nogueira and Rodrigo Viga Gaier BRASILIA\/RIO DE JANEIRO (Reuters) -Brazil hopes to join the OPEC+ group of oil-producing countries in January after a full technical analysis, the country’s energy minister said on Thursday, however sources said Brazil is not expected to take part in the group’s coordinated output caps. President Luiz […]<\/p>\n","protected":false},"author":1,"featured_media":88355,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-89611","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nBrazil not expected to cap oil output as part of OPEC+, sources say | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By Lisandra Paraguassu, Marta Nogueira and Rodrigo Viga Gaier BRASILIA\/RIO DE JANEIRO (Reuters) -Brazil hopes to join the OPEC+ group of oil-producing\" \/>\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=89611\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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