As a step forward, the government requested formal communication on the invitation to Brazil and committed to referring the matter to Bolsonaro for consideration.
The Arabs’ search for Brazil’s accession to OPEC+ coincided with the Saudis’ call to join the BRICS group, which includes Brazil, Russia, India, China and South Africa, which will also happen in 2024. The initiative will be on the part of China, in a gesture that could represent a major break in the Saudi alliance. Traditional with the United States.
According to diplomatic sources, the participation of other emerging countries in OPEC would serve a strategy to redefine global geopolitics. There is a clear perception within the Brazilian government that the country will increasingly assume the role of an oil exporter, especially in the pre-salt region.
However, not everyone in government agrees with membership. There are those who fear that this move would be considered an “anti-Western” gesture, and would jeopardize the country’s position as a strategic ally of Europe and an effective interlocutor with the US government. Moreover, today Brazil enjoys good cooperation with the International Energy Agency, based in France. So it would be unreasonable to be on both sides.
Aside from geopolitical issues, doubts remain about the economic benefits for Brazil. The country, despite being an exporter, would not be interested in limiting oil exports to achieve OPEC goals. The assessment is that higher fuel prices will not help Brazil as much as it helps the Saudis, Venezuelans, or Iranians.