An oil refinery of Brazilian state-run oil company Petroleo Brasileiro SA in Araucaria in Brazil's southern Parana state. (Photo: Gazeta Do Povo/ VNA)

Analysts expect Brazil's joining OPEC+ to increase the group's market influence. OPEC+ now includes 23 major oil exporting nations – the 13 OPEC members plus 10 allies. Brazil is the biggest oil producer in South America and is among the world's top 10 crude producers.

Russia announced on Thursday it will cut its oil production by 500,000 barrels a day until the end of March. The move anticipates a decline in oil demand during the first quarter of 2024.

Saudi Arabia announced Thursday that it will voluntary extend its reduction of 1 million barrels per day through March.