{"id":246758,"date":"2023-12-01T15:00:05","date_gmt":"2023-12-01T07:00:05","guid":{"rendered":"http:\/\/www.namnewsnetwork.org\/?p=246758"},"modified":"2023-12-01T15:00:06","modified_gmt":"2023-12-01T07:00:06","slug":"brazil-invited-to-join-opec-from-next-year","status":"publish","type":"post","link":"http:\/\/namnewsnetwork.org\/?p=246758","title":{"rendered":"Brazil invited to join OPEC+ from next year"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img src=\"https:\/\/www.bssnews.net\/assets\/news_photos\/2023\/12\/01\/image-160961-1701409899.jpg\" alt=\"\"\/><\/figure><\/div>\n\n\n\n<p>VIENNA, Dec 1 (NNN-AGENCIES) &#8212; Major oil producer Brazil has been invited to join OPEC+ from next year, officials announced, following a meeting of the cartel to further slash production.<\/p>\n\n\n\n<p>Brazil is among the world&#8217;s top 10 producers and has been the largest oil producer in Latin America since 2016.<\/p>\n\n\n\n<p>Its crude production hit a record 3.7 million barrels per day in September, a near 17 percent increase from the same month last year and a 6.1 percent hike from August, according to pricing agency Argus Media.<\/p>\n\n\n\n<p>Brazil will &#8220;join the OPEC+&#8230; starting January 2024,&#8221; the Organization of the Petroleum Exporting Countries (OPEC) announced after a ministerial meeting in Vienna.<\/p>\n\n\n\n<p>Brazil&#8217;s Energy Minister Alexandre Silveira, who attended the meeting, called it a &#8220;historic moment for Brazil&#8221;, but added his ministry still needed to study &#8220;in detail&#8221; the invitation to join.<\/p>\n\n\n\n<p>&#8220;We hope to join this group and work with all 23 countries over the coming months and years,&#8221; he said.<\/p>\n\n\n\n<p>The 13-member OPEC headed by Saudi Arabia and its 10 partners led by Russia announced fresh production cuts on Thursday to boost prices.<\/p>\n\n\n\n<p>OPEC+ was born in late 2016 when Russia and nine others joined forces with OPEC to prop up falling prices.<\/p>\n\n\n\n<p>The 23-member OPEC+ is a motley crew of countries: Saudi Arabia and Iran are bitter rivals, South Sudan and Libya have been wracked by civil wars and others such as Venezuela are mired in economic crises.<\/p>\n\n\n\n<p>The cartel faced its biggest crisis in 2020 as countries locked down due to the Covid pandemic, sending oil demand plunging.<\/p>\n\n\n\n<p>The group agreed in April 2020 to slash output by 9.7 million barrels per day in order to boost sagging prices.<\/p>\n\n\n\n<p>It began to raise production again in 2021 as the market improved.<\/p>\n\n\n\n<p>Since last year, OPEC+ members have announced voluntary cuts to again boost falling prices. &#8212; NNN-AGENCIES<\/p>\n","protected":false},"excerpt":{"rendered":"<p>VIENNA, Dec 1 (NNN-AGENCIES) &#8212; Major oil producer Brazil has been invited to join OPEC+ from next year, officials announced, following a meeting of the cartel to further slash production. Brazil is among the world&#8217;s top 10 producers and has been the largest oil producer in Latin America since 2016. Its crude production hit a [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":246760,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[213,208,215,209,217],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/246758"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=246758"}],"version-history":[{"count":1,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/246758\/revisions"}],"predecessor-version":[{"id":246761,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/246758\/revisions\/246761"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/246760"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=246758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=246758"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=246758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}