Brazil has been a net oil exporter since 2019 and is looking to expand their efforts in the global oil market. Brazil is to be expected to be among the top 5 energy exporting countries in the world in the next decade and is looking for private investments to boost its output. Energy and mines minister Bento Albuquerque indicated that Brazil is working to make rules and regulations more favorable towards external investors in the upcoming auctions for oil and natural gas licenses.

Albuquerque said before that Brazil would begin talks with OPEC to discussing joining it later this year, but now the minister said that even if the talks were successful, Brazil would not join the cartel this year. Brazil last year broke a record in oil production and is seeking responses from global oil investors to improve participation in upcoming auctions. It wants to increase the participation from companies other than state-controlled Petrobras.