Good morning, here's what the Oilman has for you today:

• Lawsuits Fail to Punish Big Oil

• Brazil Set To Join OPEC

• Upcoming Oil and Gas Events

• Tweet of the Day

Lawsuits Fail to Punish Big Oil

Lawsuits against oil majors have failed to have any significant effect on their activity.

This is the sad conclusion of activists watching their lawsuits drag on for years.

And Big Oil defendants are allowed to continue spewing emissions while this happens.

2,365 cases and no change in behavior

The above is the number of lawsuits filed against oil companies globally.

None of these has so far caused any change in Big Oil’s behavior.

Even a Dutch court ruling that ordered Shell to slash its emissions didn’t do a thing.

Shell even updated its strategy to have a greater focus on oil and gas.

The update must have added insult to injury for the activists who sued and won against it.

Shell is appealing the verdict, by the way.

But even if forced to comply with the order, it can easily do so by just selling a refinery.

Suing Big Oil for emissions is tricky

One reason it’s tricky is that courts don’t move fast enough.

Another is that a win is in no way guaranteed for the activist camp.

In the U.S., courts on several occasions sided with Big Oil—including in the recent Gulf lease sale dispute with the federal government.

Perhaps most tragically, a lawsuit against an oil major does not seem to hurt its shares much.

That’s according to a paper that researched the issue.

The data showed that shares of Big Oil that’s been taken to court did dip, but only a little.

And this means investors don’t really care about these lawsuits.

Here’s an outrageous thought: could the oil industry be too big to fail?

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Brazil Set To Join OPEC

Brazil will become a member of OPEC next month, boosting the cartel’s share of global oil supply.

If you’re thinking about a BRICS/OPEC convergence, you’re probably right.

It’s still not clear if Brazil will participate in the latest production cuts OPEC agreed last week.

South America’s largest producer

Brazil pumps 4.6 million barrels of oil equivalent daily.

Of this, 3.7 million bpd is crude.

It’s the largest oil producer on the continent, and now it’s going to be a member of OPEC.

Now, Reuters says some anonymous sources claim Brazil won’t join the cuts.

But that’s beside the point.

Because the point is that with Brazil, OPEC—and OPEC+—will account for an even bigger portion of global supply.

At some point in the future, Brazil will join the production policy.

The BRICS/OPEC convergence

Outside oil production policy, Brazil’s joining OPEC might have greater implications.

It might be the latest indication that the Global South is moving closer together.

And further from the West.

Saudi Arabia became a member of BRICS earlier this year.

Now, Brazil, which has for years resisted an OPEC membership, has joined the group.

There’s definitely some overlap going on among oil producers.

And this overlap may well give greater international weight to all involved in the overlapping groups.

Upcoming Oil & Gas Events

• December 6: Petroleum Alliance Of Oklahoma Wildcatters Wednesday Luncheon, Oklahoma City, OK

• December 6: 15th Annual PAW Wildlife & Reclamation Conference, Casper, WY

• December 6: PIOGA Mix, Mingle & Jingle Holiday Party, Wexford, PA

• December 15: 23rd Annual KOGA Christmas Party, Bodley Bullock House, Lexington, KY

Around the Global Patch

🇲🇾 Malaysia unveils massive oil and gas discovery in 2023.
🌍 Uniper: Europe demands more LNG supply.
🇷🇺 Russia's December surge: 28% increase in diesel shipments.

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