Brazil does not have any plans to join OPEC at the moment, although the country is open to cooperation with the organization.

According to the energy minister Bento Albuquerque, Petrobras has a lot of oil and a number of areas to exploit and is looking for more investment from global companies in the oil market to upcoming auctions.

Brazil is set to expand its output in the coming years and join the top five energy exporters in the next decade.