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11/30/2023, 5:59 PM (Source: TeleTrader)
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OPEC+ confirms Brazil's addition

The Organization of Petroleum Exporting Countries and its partnering nations (OPEC+) confirmed on Thursday that Brazil will be joining the alliance in January 2024.

In a statement released after the 36th ministerial meeting, OPEC+ reaffirmed its commitment to ensuring a "stable and balanced oil market," and added that the next meeting has been scheduled to take place in Vienna, on June 1, 2024.

There was no mention of further oil output cuts. Meanwhile, it was previously reported that the members will be announcing production slashes individually.

Baha Breaking News (BBN) / AY