Brazil Joins OPEC’s Charter of Cooperation

Brazil’s National Energy Council (CNPE) has approved the country’s participation in the Charter of Cooperation (CoC), a platform uniting oil-producing nations to enhance market stability. The decision follows an announcement by Minister of Mines and Energy Alexandre Silveira at the 36th OPEC and non-OPEC Ministerial Meeting (ONOMM) in November 2023.

According to the OPEC website, this move marks a historic step in Brazil’s relationship with the organization, following the first-ever visit by OPEC Secretary General Haitham Al Ghais to Brazil in October 2023. Established in 2019, the CoC aims to foster dialogue and ensure energy market stability for producers, consumers, and investors worldwide.