Brazil’s Invitation to Join OPEC+ Highlights the Importance of Its Oil Boom

In a shock development, Latin American energy giant Brazil announced it will join the OPEC+ group of oil-producing countries, including some of the world’s biggest such as Russia and the Kingdom of Saudi Arabia. The consortium works in concert to coordinate and unify petroleum production to secure pricing for the benefit of its members. Brazil, which government data shows pumped 3.5 million barrels per day for October 2023, intends to join OPEC+ during January 2024. In a surprise development, the CEO of Brazil’s national oil company…