& Tobago

Very usefull links


News links




Dow Jones

Oil price



Views and News




Brazil pursuing joining OPEC, begin talks in July -energy minister

Luc Cohen/Reuters

Brazil will launch discussions on joining OPEC in July.

By Nidhi Verma / Reuters

Petroleumworld 01 23 2020

Brazil will start discussions on joining the Organization of the Petroleum Exporting Countries during a visit to Saudi Arabia in July, its energy minister Bento Albuquerque said on Wednesday.

“I have a visit to Saudi Arabia in the middle of this year, then we can start the discussion,” Albuquerque told Reuters, adding that Brazil's membership in OPEC would not happen this year.

Brazil's president mooted the idea of joining OPEC in October but the idea was not welcomed by industry as producers feared that Brazil would have to comply with output cuts which OPEC and other producers have agreed to.

When asked if his country would cap output in line with OPEC terms, Albuquerque said: “It is a matter of negotiations, we have to start discussions.

“Saudi Arabia holds the presidency of G20. I will be there in July, then we can start discussion...we have to start discussion on association with OPEC.”

Brazil's oil output and exports are growing.

Albuquerque said 2020 will be a better year for Brazil with production estimated at 3.5 million barrels per day (bpd), up from 3.1 million bpd in 2019.

It aims to export about 1.4 million bpd of oil in 2020, up from 1.1 million bpd in 2019, in addition to expanding its exploration efforts.

Overall, the country aims to produce 4.3 million barrels of oil equivalent per day (BOEPD) in 2020, about 13% more than last year, Albuquerque said.

“We will also increase our exploration of oil and gas. We will continue with our auctions we have planned three auctions for 2020,” he said.

Brazil is comfortable with the current Brent crude price of around $64 per barrel, Albuquerque said, calling the price “fair”.


Reporting by Nidhi Verma; editing by Jason Neely from Reuters. 01 22


We invite you to join us as a sponsor.
Circulated Videos, Articles, Opinions and Reports which carry your name and brand are used to target Entrepreneurs through our site, promoting your organization’s services. The opportunity is to insert in our stories pages short attention-grabbing videos, or to publish your own feature stories.________________________

Copyright© 1999-2020 Petroleumworld or respective author or news agency. All rights reserved.

We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions as the source.

Other stories you have to get authorization by its authors. Internet web links to are appreciated.

Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!

We invite all our readers to share with us
their views and comments about this article.
Write to

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to:

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8, 10 +/ 800x600 pixels

Twitter: @petroleumworld1




Editor & Publisher: Elio Ohep/
Contact Email:

CopyRight © 1999-2020, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2020, Petroleumworld ™  / Elio Ohep - All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.