Brazil joins OPECand Petrobras are spending $102B to increase production by 500000bpd to 3.3Mbpdso they wont be cutting production
https://oilprice.com/Energy/Crude-Oil/Oil-Prices-Retreat-As-OPEC-Cuts-Another-684KBPD-Brazil-Joins-OPEC.html
https://www.reuters.com/markets/commodities/brazils-petrobras-invest-102-billion-next-five-years-2023-11-23/