10:21 GMT +315 November 2019
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    A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC's headquarters in Vienna, Austria, December 10, 2016

    President Bolsonaro Suggests Bringing Brazil to OPEC

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    MOSCOW (Sputnik) - Brazilian President Jair Bolsonaro said Wednesday he would like his country to be part of the Organisation of Petroleum Exporting Countries (OPEC).

    "I personally would like Brazil... to become a member of the OPEC", he was quoted by Al Arabiya as saying at a Future Investment Initiative forum in Riyadh.

    Bolsonaro added he "can certainly talk about it". He estimated that Brazil had bigger energy reserves than some smaller OPEC members and was on course to become the sixth biggest oil producer in the coming years.

    Earlier in October, the Ecuadorian Energy Ministry announced that the oil-rich South American nation would quit the OPEC group of oil major producers starting January next year.

    OPEC estimated in the September report that Ecuador produced 537,000 barrels per day in August. The US Energy Information Administration said in 2017 that Ecuador had the third-largest oil reserves in South America after Venezuela and Brazil.

    Next year, non-OPEC oil supply is projected to grow by 2.4 mb/d, averaging 66.87 mb/d, with the United States, Brazil, Canada and Norway being the main drivers of the growth, according to a July OPEC report. 

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    Jair Bolsonaro, OPEC, Brazil
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