Brazil has officially approved its entry into OPEC+, aligning with major oil-exporting nations.

About OPEC

• OPEC (Organization of the Petroleum Exporting Countries) is a permanent intergovernmental organization of 12 oil-exporting developing nations.
  • India is not a member of OPEC.
• Establishment and Founding Members: OPEC was founded in 1960 at the Baghdad Conference.
  • The founder  members include Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
• Countries That Joined Later:  Qatar (1961), Indonesia (1962), Libya (1962), UAE (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975), Angola (2007), Equatorial Guinea (2017), and Congo (2018).
  • Ecuador, Indonesia, Qatar, and Angola are no longer part of OPEC.
• Current Full members: Libya , UAE , Algeria , Nigeria,  Gabon, Equatorial Guinea  and Congo.
• Objectives of OPEC: 
  • To coordinate and unify petroleum policies among member countries.
  • To secure fair and stable prices for petroleum producers.
• Headquarters: Vienna, Austria. (Austria is not a member of OPEC )
• Membership Criteria for Full Members
  • Must have a substantial net export of crude petroleum.
  • Must share common interests with existing OPEC members.
  • Requires approval by three-fourths of Full Members and unanimous approval of all Founder Members.

About OPEC+

• OPEC+ was formed in 2016 in response to falling oil prices caused by a significant increase in U.S. shale oil production.
• OPEC signed an agreement with 10 other oil-producing countries to stabilize global oil markets.
• OPEC+ Members: Total 23 members as of Feb 2025 , 12 OPEC nations plus Azerbaijan, Bahrain, Brunei, Kazakhstan, Russia, Mexico, Malaysia, South Sudan, Sudan, Oman and Brazil.

Impact of Brazil’s Entry into OPEC+

• Strengthening Brazil’s Global Oil Influence: Brazil, the world’s seventh-largest oil producer, enhances its global market position by joining OPEC+.
  • The move allows Brazil to participate in major discussions on oil production and pricing strategies.
• Economic and Energy Benefits: Oil revenues are expected to boost Brazil’s economy and support its green energy transition.
  • The country aims to balance oil production growth with sustainable development.
• Controversy Ahead of COP30: Environmental groups criticize Brazil’s decision, arguing it contradicts climate goals.
  • Increased oil exploration, especially in the Amazon region, raises concerns about fossil fuel expansion.