Brazil to join OPEC+ but won't cap oil output, Petrobras CEO says [Reuters]
Petroleo Brasileiro S.A. Petrobras American Depositary Shares representing Preferred Shares (PBR.A)
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Source: Reuters
group's coordinated output caps, the chief executive of state-run oil firm Petrobras (PETR4.SA) told Reuters. The group's surprising announcement on Thursday that the South American nation would join it raised immediate questions on whether Brazil would take part in the production caps, as OPEC+ nations agreed to voluntary cuts approaching 2 million barrels per day (bpd) for early next year. "There is no quota," Jean Paul Prates said in an interview. "We would never be part of an organization that imposes (production) quotas to Brazil, Petrobras is a publicly-traded company and we cannot have quotas." Brazil's energy minister said on Thursday the country was eager to join OPEC+ after a full technical analysis. President Luiz Inacio Lula da Silva's office confirmed receiving the invite, but said he had not formally responded. Brazil is the largest oil producer in South America, at 4.6 million barrels per day of oil and gas, of which 3.7 million bpd are crude. Prates, who in O
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