Brazil seeks greater oil market influence
Despite environmental criticism, President Lula sees opportunity to build bridges with OPEC+ allies
Latin America’s largest oil producer welcomed in the new year as the newest recruit to the OPEC+ alliance with oil output booming and ambitions to help shape global pricing. The government boasted almost 20% annual production growth heading into December and has ambitions to make the country the fourth-largest oil producer by 2030. Surging domestic production is at the heart of Brazil’s recent admission into OPEC+. The pact recognises the country’s increasing influence, particularly as pre-salt oil ramps up, while the Brazilian government also wants to build tighter economic and political relations with the world’s largest exporters. “OPEC+ membership would allow Brazil to forge closer ties

Also in this section
7 May 2025
From China blocking US LNG to Trump demanding that various countries import more of the fuel, the politicisation of LNG is on the rise
6 May 2025
Sino-US trade tensions could see crude consumption crumble despite recent buying behaviour
5 May 2025
The country is seeing a notable increase in petroleum product retail outlets, with private operators gaining market share