On 30 November, the Organization of the Petroleum Exporting Countries (OPEC) indicated that Brazil would join the “OPEC+” group as of January 2024. Brazil is the largest oil-producing country in South America, and among the ten largest crude oil-producing countries in the world, as it currently produces about 3.2 million barrels of crude oil per day, and is expected to witness strong growth in crude oil production in the medium term.

Brazil’s accession to OPEC+ may clearly affect the global oil market, especially as it serves as a major supplier to China, which indicates the strategic importance of Brazil’s oil exports in international trade.

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