From 1 January 2024, Brazil plans to join the OPEC+ Charter of Cooperation for Oil Producing Countries.
Brazil will join the OPEC+ Charter of Cooperation for Oil Producing Countries from 1 January 2024. The Latin American country produces an average of about 3.5 million barrels of oil per day.
“The meeting welcomed Aleshandri Silveira de Oliveira, Minister of Mines and Energy of the Federative Republic of Brazil, which will join the OPEC+ Charter of Cooperation from January 2024”, the report on the 36th Ministerial Meeting of OPEC and non-OPEC countries said via videoconference.
Moreover, Russian Deputy Prime Minister Alexander Novak said that Brazilian Energy Minister Alexandre Silveira confirmed the Latin American country’s intention to join OPEC+ in January 2024.
“Today there was a regular meeting of the ministerial meeting, which takes place every six months in full composition – that’s 23 countries. Several decisions that were taken, one of them is about the expansion of OPEC+ co-operation. Today, the Minister of Brazil was present, who confirmed that from 1 January 2024 he joins our OPEC+ partnership, and thus there will be already 24 countries to interact on balancing the situation in the market,” – said Novak in an interview with the TV channel “Russia-24”.
Recall that according to data from the General Customs Administration of the People’s Republic of China, for the first three quarters of 2023 trade turnover between Russia and China increased by 29.5% to a record $176.5 billion. During the reporting period, China imported $81.4 billion worth of goods into Russia, showing an increase of 56.9%. Supplies from Russia to China over the same period totalled about $94.9bn, showing an increase of 12.7%. Thus, the trade balance remains in Russia’s favour.