In 2000, the “sister country” produced just one million barrels of crude oil, but now it has surpassed three million and wants to reach four million a day very soon. It will join Russia and Saudi Arabia among the world’s largest group of producers.
Brazil has moved to the “dark side of the military”. This is how the “Financial Times” describes South America’s largest country joining OPEC+ (Organization of the Petroleum Exporting Countries) and convincing the country to join a group where protagonists such as Russia and Saudi Arabia stand out.
First, Brazil stopped being a secondary actor in the crude oil market and became part of the main actors. While producing just one million barrels of crude oil in 2000, now it has crossed three million and aims to reach four million a day very soon.
On the other hand, Petrobras has been in talks for months with Saudi Aramco (the country’s state oil company) to develop joint ventures in Latin America, as confirmed a few weeks ago by Brazil’s largest conglomerate, Jean Paul Prates. .
However, a big piece of the puzzle came to fruition a few weeks ago, when it was announced that Saudi Arabia would invest 9 billion dollars (8,179 million euros) in Brazil over the next seven years. Brazilian President Luiz Inacio Lula da Silva met with Crown Prince Mohammed bin Salman in Riyadh.
However, Brazil’s ambitions go beyond oil. Brazil wants to be a powerhouse. That’s how the Financial Times headlined a recent report examining Petrobras’ proposed energy transition.