Photo: Peter Dejong, AP. Retrieved from france24.com

Brazil’s President Luiz Inacio Lula da Silva said the country is joining OPEC+ in 2024, but it will tell oil producers to get ready to “reduce fossil fuels”, he warned at the COP28 climate talks on Saturday.

Brazil, one of the world’s top 10 producers, hit a record 3.7 million barrels per day in September. It was this week invited to join the 23-member group of OPEC and OPEC+ nations from January.

“I think it’s important for us to participate in OPEC+, because we need to convince the countries that produce oil that they need to prepare to reduce fossil fuels,” Lula said in Dubai. “And preparing means taking advantage of the money they make from oil and making investments, so that a large continent like Latin America can produce the renewable fuels they need.”

The 13-member OPEC headed by Saudi Arabia and its 10 OPEC+ partners led by Russia announced fresh production cuts on Thursday to boost prices.