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Brazil Monitors Impact of Iran-Israel Conflict on Oil Prices –Agência Brasil

Daniella Almeida – 15 Apr 2024 – 14h39

The Minister of Mines and Energy, Alexandre Silveira, announced on Monday (April 15) the creation of a task force to monitor potential impacts of Iran’s attack on Israel on Saturday (April 12) on the national oil market. “Brazil, like all countries in the world, suffers impacts when there are restrictions on oil production or commercialization,” he said.

Speaking to the press, the minister stated that he had already convened an initial meeting before 9 a.m. on Monday to assess the international crisis and monitor the fluctuation of oil barrel prices in the international market. “It’s important for us to be vigilant. The ministry is fully engaged. Today, I had an early meeting with the National Secretariat of Oil, Natural Gas, and Biofuels [of the MME], so that we can closely monitor the fluctuation of Brent crude oil prices through a newly established monitoring group, and act promptly with the mechanisms we have, respecting once again the governance of the private sector and also Petrobras, which is a mixed economy company.”

Silveira described himself as a “hopeful realist” regarding the possibility of escalating tensions in the Middle East and mentioned that at this moment there are no concrete elements indicating whether there will be “more direct or vigorous confrontations.” According to him, Brazil is preparing to face a more critical scenario.

The minister mentioned that throughout the day, the MME will be in contact with Petrobras, fuel distributors, and other members of the oil supply chain in Brazil to prepare for a potential increase in international conflict.

“I hope it doesn’t happen [escalation of conflict between Iran and Israel]. But since it’s beyond our sphere of management, our role is to closely monitor, ensuring there is no risk of supply shortage, let alone more dramatic impacts on the national economy,” stated Alexandre Silveira.

Energy Transition

The minister made these statements during a press conference at the G20 House in Brasilia, after opening the first in-person meeting of the G20 Energy Transition Working Group. This group brings together the world’s largest economies, along with the African Union and the European Union. The working group is coordinated by the Ministry of Mines and Energy during Brazil’s rotating presidency until November of this year.

During the meeting, GT members discussed access to financing for energy transition to evolve towards a low-carbon economy.

Alexandre Silveira emphasized the need to reduce dependence on fossil fuels based on coal or oil, highlighting Brazil’s use of renewable energy sources such as hydroelectric, wind, solar, biodiesel, and ethanol as renewable and more cost-effective energy generation sources.

In his address to meeting participants, the minister also emphasized that energy transition represents an economic opportunity to provide justice to countries that contribute the most to planet sustainability. He argued that nations with higher per capita income than those in the Global South should foot the bill for these countries, ensuring that the energy transition is effective, fair, and inclusive.

“We cannot advance in energy transition without acknowledging that the $4.5 trillion established at COP [28th United Nations Framework Convention on Climate Change] in Dubai, for clean and renewable energy production by 2030 to comply with the Paris Agreement, will only happen if industrialized countries start recognizing the need to fulfill the Copenhagen Accord, which established $100 billion annually in investments in these energies.”

The minister further argued that sustainability impacts will only be concrete if management is global. “Because carbon knows no borders, we live in one ecosystem, so no one can stop carbon at their country’s borders.”

Source: Agência Brasil – Brasília / Br8

Editor: Juliana Andrade

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