Brazil’s energy minister said on Monday that it would attend the G20 meeting of oil ministers that Saudi Arabia is trying to rally together to cut oil production, Reuters reported on Monday.
Saudi Arabia extended the invitation to Brazil on Sunday.
The market is skeptical of any production cut deal that doesn’t involve the United States, but Brazil is the oil producer that is expected to be the third-largest growth driver of non-OPEC supply this year behind the United States and Norway. According to OPEC’s February MOMR, Brazil’s production was expected to grow by 310,000 bpd in 2020.
Brazil’s oil production topped 3 million barrels per day in November 2019, according to Brazil’s National Petroleum Agency, with total oil and gas production reaching 3.95 million bpd.