Brazilian state oil and gas company Petrobras cannot participate in agreements aimed at regulating oil prices, Brazilian Ambassador to Russia Antonio Luis Espinola Salgado told Sputnik in an interview.
Petrobras is the largest Brazilian energy company, which produces over 2 million barrels of oil per day.
“The oil production in Brazil is carried out within the framework of market principles. Of course, Petrobras is a state company, but its shares also belong to private investors, as well as are listed on the stock exchange in New York. According to the rules, the company works by, it is prohibited to participate in accords that set oil prices somehow,” the ambassador said, commenting on the possibility for Brazil to join OPEC+ agreement.
In November 2016, the OPEC member states signed an agreement in the Austrian capital limiting oil production by 1.2 million barrels per day. On December 10, 11 non-OPEC countries decided to jointly cut oil output by 558,000 barrels per day for six months from January 2017. The agreement was due to expire in June but was prolonged for additional nine months on May 25.