BRICS Update: Brazil Joins OPEC+ as Newest Alliance Member

• Brazil to Join the OPEC+ Collective
• The BRICS Economic Alliance
• Influence in the Oil Industry
• Brazil's Position in the Collective

Brazil to Join the OPEC+ Collective

In a significant development pointing to the growing global stature of the bloc, Brazil becomes the newest BRICS member to enlist in the OPEC+ collective. There are reports suggesting that Brazil's inclusion into this influential oil alliance was deliberated upon in a meeting concerning the country's oil strategy extending up to 2024. The Organization of the Petroleum Exporting Countries (OPEC) unites some of the most substantial oil producing nations worldwide. Now, Brazil's energy minister, Alexandre Silveira, has confirmed the country's membership on the prestigious list. As a result, Brazil will be joining other BRICS nations like Saudi Arabia, United Arab Emirates (UAE), and Iran.

The BRICS Economic Alliance

The BRICS economic alliance has been in existence since the term was initially coined in 2001. However, it has only recently started to establish a stronger presence in the global order. Witnessing significant growth this year, the bloc has broadened its reach and elevated its influence in various key sectors.

Influence in the Oil Industry

One of the sectors where its influence is strongly noticed is the oil industry. The BRICS consortium now includes Brazil as the latest member to the powerful OPEC+ collective. The grouping brings together some of the most crucial oil producers worldwide and already features three BRICS nations in its membership.

Brazil's Position in the Collective

Minister Silveira affirmed President Lula Da Silva's acceptance into the collective, and highlighted that Brazil's official status among the OPEC nations would commence from the beginning of the next year. However, Silveira also mentioned that the country is yet to examine the document of cooperation received from the coalition.

Specific details about its invitation to the collective remain to be disclosed. Up until now, the country has only expressed its intention to become a part of the oil production collective. Nevertheless, this move underscores the BRICS bloc's assured dominance in the overall oil industry. Furthermore, it is anticipated that this expanded share of global oil production will only increase in the coming year.

Edited by Jonathan Stoker