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Brazil said no to OPEC and will not reduce oil production

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Brazil has declined a request from  Saudi Arabia to coax its oil production to join OPEC-led efforts to cut output and boost prices.  According to Brazil’s Ministry of Mines and Energy, the country’s plan is to boost oil production to seize on its reserves before the world enters the “renewable era” and other technologies reduce demand for the fossil fuel.

Brazil  has been producing around  2.65 million barrels of crude per day, and  controlling  output is against the law.  Furthemore, the country plans to double its oil production in the next ten years.