Brazil’s President Luiz Inacio Lula da Silva makes a national statement at the World Climate Summit during the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, December 1, 2023. Portal/Thaier Al Sudani/File Photo Acquire License Rights
SAO PAULO, Dec 2 (Portal) – Brazilian President Luiz Inacio Lula da Silva said on Saturday that Brazil’s participation in the OPEC+ group of oil producing countries is intended to persuade nations to move away from fossil fuel use.
Brazil announced Thursday that it is close to joining OPEC+, a group of 23 oil-producing countries.
“I think it is important for us to participate in OPEC+ because we need to convince the countries that produce oil that they need to prepare for the end of fossil fuels,” Lula said at COP 28, the UN Climate conference in Dubai.
“Preparation means using the money they earn to invest so that continents like Africa and Latin America can produce the renewable fuels they need, especially green hydrogen,” he added.
Following Lula’s comments, Brazilian Mines and Energy Minister Alexandre Silveira commented on the issue on social media.
“We will guide oil-producing countries to accelerate the energy transition. “Under President Lula’s leadership, we want to use oil revenues to finance clean and renewable energy,” he said.
Silveira signaled on Thursday that the country would accept an invitation to join OPEC+.
Brazil is the largest oil producer in South America with 4.6 million barrels of oil and gas per day, including 3.7 million barrels per day of crude oil.
Brazil’s possible participation in a group that could decide on oil production cuts by its members would be controversial since the country has a market economy and some companies, such as state oil company Petrobras (PETR4.SA), are listed on the stock exchange.
However, Brazil is not expected to limit oil production under OPEC+, three sources told Portal in a report published on Thursday.
Reporting by Ricardo Brito in Sao Paulo, writing by Steven Grattan, editing by Matthew Lewis
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