Why Brazil Joining OPEC Would Be A Massive Mistake

Brazil’s President Jair Bolsonaro floated the idea of joining OPEC during a visit to Saudi Arabia. Appearing at the so-called “Davos in the Desert,” Bolsonaro expressed interest in OPEC. “I personally would very much like Brazil to become a member of OPEC. Yes, I think the potential is there. We have enough reserves, oil reserves. Actually larger oil reserves than some current OPEC member countries.” he said in Riyadh. He added that he would have to consult with his economy and energy ministers on the idea, however.…