Trend Press / Agencies
Brazil, the producer and oil exporter, on Thursday rejected an offer by Saudi Arabia to join the OPEC deal to cut oil production to boost oil prices in the market.
"He received a phone call last week from a consultant to Saudi Energy Minister Khalid al-Faleh to get his opinion on possible production cuts," said Marcio Felix, a senior official at the Brazilian Ministry of Oil and Gas.
"They are concerned about the growth of production in Brazil, and we have already explained to them that Brazil can not do that," Felix said, explaining Saudis' interest in Brazilian cuts.
Under the law, Brazil, which produces 2.65 million barrels a day, can not curb production, and is planned to double its oil production to more than 5 million barrels a day by 2027.