{"id":156159,"date":"2025-02-20T19:28:29","date_gmt":"2025-02-20T13:58:29","guid":{"rendered":"https:\/\/pwonlyias.com\/stage\/?post_type=current-affairs&#038;p=156159"},"modified":"2025-02-20T19:28:29","modified_gmt":"2025-02-20T13:58:29","slug":"brazil-joins-opec-plus","status":"publish","type":"current-affairs","link":"https:\/\/pwonlyias.com\/stage\/current-affairs\/brazil-joins-opec-plus","title":{"rendered":"Brazil Joins OPEC+"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Brazil has officially approved its entry into OPEC+, aligning with major oil-exporting nations.<\/span><\/p>\n<h2><span style=\"font-size: 18pt;\"><b>About OPEC<\/b><\/span><\/h2>\n<ul>\n<li><span style=\"font-weight: 400;\">OPEC (Organization of the Petroleum Exporting Countries) is a permanent intergovernmental organization of <\/span><b>12 oil-exporting developing nations<\/b><span style=\"font-weight: 400;\">.<\/span>\n<ul>\n<li><b>India<\/b><span style=\"font-weight: 400;\"> is<\/span><b> not a member <\/b><span style=\"font-weight: 400;\">of OPEC.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><b>Establishment and Founding Members: <\/b><span style=\"font-weight: 400;\">OPEC was founded in<\/span><b> 1960 at the Baghdad Conference.<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">The <\/span><b>founder\u00a0 members <\/b><span style=\"font-weight: 400;\">include <\/span><b>Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.<\/b><\/li>\n<\/ul>\n<\/li>\n<li><b>Countries That Joined Later:\u00a0 <\/b><span style=\"font-weight: 400;\">Qatar (1961), Indonesia (1962),<\/span><b> Libya (1962)<\/b><span style=\"font-weight: 400;\">,<\/span><b> UAE (1967)<\/b><span style=\"font-weight: 400;\">,<\/span><b> Algeria (1969)<\/b><span style=\"font-weight: 400;\">, <\/span><b>Nigeria (1971)<\/b><span style=\"font-weight: 400;\">, Ecuador (1973), <\/span><b>Gabon (1975)<\/b><span style=\"font-weight: 400;\">, Angola (2007), <\/span><b>Equatorial Guinea (2017),<\/b><span style=\"font-weight: 400;\"> and <\/span><b>Congo (2018).<\/b>\n<ul>\n<li><b>Ecuador, Indonesia, Qatar, and Angola<\/b><span style=\"font-weight: 400;\"> are <\/span><b>no longer part of OPEC.<\/b><\/li>\n<\/ul>\n<\/li>\n<li><b>Current Full members:<\/b><span style=\"font-weight: 400;\"> Libya , UAE , Algeria , Nigeria,\u00a0 Gabon, Equatorial Guinea\u00a0 and Congo.<\/span><\/li>\n<li><b>Objectives of OPEC:\u00a0<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">To coordinate and unify petroleum policies among member countries.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">To secure fair and stable prices for petroleum producers.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><b>Headquarters: Vienna, Austria. <\/b><span style=\"font-weight: 400;\">(Austria is<\/span><b> not a member<\/b><span style=\"font-weight: 400;\"> of OPEC )<\/span><\/li>\n<li><b>Membership Criteria for Full Members<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Must have a<\/span><b> substantial net export<\/b><span style=\"font-weight: 400;\"> of <\/span><b>crude petroleum.<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Must share common interests with existing OPEC members.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Requires approval by three-fourths of Full Members<\/b><span style=\"font-weight: 400;\"> and<\/span><b> unanimous approval<\/b><span style=\"font-weight: 400;\"> of all <\/span><b>Founder Members.<\/b><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2><span style=\"font-size: 18pt;\"><b>About OPEC+<\/b><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">OPEC+ was formed in 2016<\/span><b> in response to falling oil prices <\/b><span style=\"font-weight: 400;\">caused by a significan<\/span><b>t increase in U.S. shale oil production.<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">OPEC signed an agreement with 10 other oil-producing countries to stabilize global oil markets.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>OPEC+ Members:<\/b><span style=\"font-weight: 400;\"> Total<\/span><b> 23 members as of Feb 2025 ,<\/b><span style=\"font-weight: 400;\"> 12 OPEC nations plus<\/span><b> Azerbaijan, Bahrain, Brunei, Kazakhstan, Russia, Mexico, Malaysia, South Sudan, Sudan, Oman<\/b><span style=\"font-weight: 400;\"> and <\/span><b>Brazil.<\/b><\/li>\n<\/ul>\n<h2><span style=\"font-size: 18pt;\"><b>Impact of Brazil\u2019s Entry into OPEC+<\/b><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Strengthening Brazil\u2019s Global Oil Influence<\/b><span style=\"font-weight: 400;\">: Brazil, the <\/span><b>world\u2019s seventh-largest oil producer<\/b><span style=\"font-weight: 400;\">, enhances its global market position by joining OPEC+.<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">The move allows Brazil to participate in major discussions on oil production and pricing strategies.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Economic and Energy Benefits: <\/b><span style=\"font-weight: 400;\">Oil revenues are expected to boost Brazil\u2019s economy and support its green energy transition.<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">The country aims to balance oil production growth with sustainable development.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Controversy Ahead of COP30: <\/b><span style=\"font-weight: 400;\">Environmental groups criticize Brazil\u2019s decision, arguing it contradicts climate goals.<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Increased oil exploration, especially in the Amazon region, raises concerns about fossil fuel 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nations.<\/p>\n","protected":false},"author":11,"featured_media":156142,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"tags":[],"paper-wise":[2089],"subject":[2100],"acf":[],"_links":{"self":[{"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/current-affairs\/156159"}],"collection":[{"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/current-affairs"}],"about":[{"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/types\/current-affairs"}],"author":[{"embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/comments?post=156159"}],"version-history":[{"count":2,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/current-affairs\/156159\/revisions"}],"predecessor-version":[{"id":156163,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/current-affairs\/156159\/revisions\/156163"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/media\/156142"}],"wp:attachment":[{"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/media?parent=156159"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/tags?post=156159"},{"taxonomy":"paper-wise","embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/paper-wise?post=156159"},{"taxonomy":"subject","embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/subject?post=156159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}