Brazil’s government recently approved joining OPEC+, rising status as a key oil player.
OPEC - Stands for the Organization of the Petroleum Exporting Countries.
It is a permanent, intergovernmental Organization refers to a group of 12 of the world’s major oil-exporting nations.
Founded in -Baghdad in 1960.
Founding members - Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
Headquarters - Vienna, Austria.
OPEC Members - Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela.
It will meet on every year to discuss their joint oil production policy
Aim - To control the global oil supply and price.
Objectives - It is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers.
To give an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.
OPEC membership is open to any country, substantial exporter of oil and which shares the ideals of the organization.
OPEC+
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia are known collectively as OPEC+.
Formed in – 2016.
Members
Significance of Brazil - Brazil was officially invited to join in 2023.
Brazil is currently the world’s 7th-largest oil producer, pumping around 4.3 million barrels per day, or 4% of global output.
In 2024, crude oil overtook soy as the country’s top export, making up 13.3% of total foreign sales.
