Brazil’s Oil Production Keeps Growing

South America’s largest economy, Brazil, is on track to be a top 5 global oil producer. During 2023, Brazil received an offer to join the OPEC+ price cartel, but it took until early 2025 for the government in the capital Brasilia to accept membership. This signaled a significant change in government strategy, with President Luiz Inácio Lula da Silva seeking to make Brazil the world’s fourth-largest petroleum producer by the end of the decade. By joining OPEC+, Brazil can access considerable strategic resources to assist with…