OPEC may gain another member in South America in the near future. Jair Bolsonaro, the president of Brazil, said on October 30 that his government was eager to accept an informal offer from Saudi Arabia to join the cartel.
Speaking on the sidelines of an industry conference in Riyadh, Bolsonaro said he had received the invitation during meetings with Crown Prince Mohammed Bin Salman and other senior Saudi officials. “It is the first step for maybe putting in place this policy in Brazil,” he was quoted as saying by Bloomberg.
The president went on to say that he was eager to accept the Saudi offer. He stressed, though, that he would not move forward until he could discuss the matter with his economic advisers and withe the Brazilian Energy Ministry.
If Brazil were to join OPEC, it would be the third largest oil producer in the group. The country’s oil reserves are bigger than those of several current OPEC members, Bolsonaro noted.