OPEC+. Brazil has moved to the “dark side of power,” the Financial Times writes

Brazil has moved to the “dark side of power.” This is how the Financial Times describes the accession of the largest country in South America to OPEC+ (Organization of Petroleum Exporting Countries) and convincing this country to join a group in which champions such as Russia and Saudi Arabia emerge.

First, Brazil ceased to be a minor player in the crude oil market and became part of the group of major players. If in 2000 it produced a little more than one million barrels of crude oil, now it far exceeds three million, and it aims to reach four million barrels per day very soon.

On the other hand, Petrobras has been negotiating for months an agreement with the Saudi giant Aramco (the country’s state oil company) to develop joint business in Latin America, as confirmed a few weeks ago by the head of the largest company in Brazil, Jean-Paul Prats. .

However, the big piece of this puzzle came to fruition a few weeks ago, when it was announced that Saudi Arabia would invest $9 billion (8,179 million euros) in Brazil over the next seven years, as the government revealed at the end of 2019. It was held on Tuesday in which Brazilian President, Luiz Inacio Lula da Silva, met in Riyadh with Crown Prince Mohammed bin Salman.

However, Brazil’s ambition goes beyond oil. Brazil wants to become an energy power. This is the title of the Financial Times newspaper, the latest report in which it analyzed the energy transition that Petrobras intends to implement.