Brazilian President Jair Bolsonaro says he wants his country to join OPEC
RIYADH - Brazilian President Jair Bolsonaro said on Wednesday that he wants his country to join OPEC, a move that would add the most significant new producer to the oil cartel for years.
The Organization of the Petroleum Exporting Countries groups top exporter Saudi Arabia and 13 other countries. Since 2017, OPEC has had a deal with several non-member producers, excluding Brazil, to limit supply in an effort to bolster prices. The Brazilian president said he would have to consult his economy and energy ministers to ensure they could follow through if a decision was made.
That would make Brazil the third-largest OPEC producer after Saudi Arabia and Iraq, pumping the equivalent of more than 10% of current OPEC output. Companies participating include global oil majors as well as state-run Petroleo Brasileiro SA, or Petrobras.
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