Brazil “closely follows” fluctuations in oil and gas prices

São Paulo, March 3 The Brazilian government confirmed, Thursday, that it “carefully monitors” fluctuations in global oil and gas prices, and complied with the initiative adopted by the member states of the International Energy Agency (IEA) to release 60 million barrels. market stability. In a joint statement, the Brazilian Ministry of Foreign Affairs and the Ministry of Mines and Energy highlighted that they are also monitoring “potential repercussions in the production and supply chains of oil, natural gas and its derivatives” on the international market, which can have spillover effects. The country’s economy is due to the high prices of raw materials and transportation costs. “The current moment also reinforces the importance of diversifying the energy matrix, in order to ensure access to the safest and most sustainable energy,” says the note, which adds that Brazil has and will be one of the “cleanest matrixes in the world.” Continuing to “stimulate clean and renewable sources,” including modern bioenergy and biofuels. The escalation in oil prices caused by the conflict in Ukraine has raised global alerts in recent days and prompted member states of the International Energy Agency to agree to release 60 million barrels internationally to stabilize the market, a decision that Brazil celebrated. In this sense, the South American country, which is responsible for producing nearly three million barrels of crude oil per day, has also stated that it will seek to make its contribution to “increasing global energy security”. The joint memorandum notes that “Brazil is an important global producer of oil, averaging 3 million barrels per day, contributing to increased global energy security, with a growing diversity of actors and market power.” He adds that the Brazilian government will continue to keep pace with the “evolution of energy markets” and maintain dialogue and coordination with its trading partners, especially in the G20, and in cooperation with specialized agencies, especially the International Energy Agency. It concludes that “Brazil will continue to promote the stability and sustainability of global energy markets in these forums.” EFE nbo / wgm / jrh