Brazil's Entry into OPEC+ Marks a Significant Shift in Oil Producers' Alliance

Brazil is set to join the influential OPEC+ oil producers' alliance starting from January 2024, according to Brazilian Energy Minister Alexandre Silveira. The announcement was made during a postponed OPEC+ meeting discussing oil output strategy for 2024. Brazil's membership will increase the coalition's market share and potentially impact supply inventories and prices. It is unclear if Brazil will be required to implement production cuts as a result of joining.