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Brazil doesn't want to join OPEC

by rahul | September 3, 2008 at 07:08 pm | 146 views | 2 comments | 2 recommendations

Europe has to side with Russia and break away from the USA!

RI President receives Brazil`s counterpart

As Indonesia prepares to leave and Ecuador just joined amid soaring oil prices, Brazil refuses to become an OPEC member.

Thu, 04 Sep 2008 00:43:43 GMT

Brazil has turned down a “formal invitation” by Iran to join the Organization of Petroleum Exporting Countries (OPEC), an official says.

"I received the ambassador of Iran, and he invited Brazil to become part of OPEC. It was not a suggestion but a formal invitation," Brazil's Energy Minister Edson Lobao said in a news conference in Brasilia on Wednesday. But Lobao said he has told the Iranian envoy Moshen Shaterzadeh in the meeting two weeks ago that Brazil "does not envisage that possibility" right now, AFP reported. Brazil announced in November 2007 that it had discovered a new oil field 250 kilometers (155 miles) off its coast that could contain up to eight billion barrels of oil.
Earlier this year, it said that other nearby oilfields could contain another 40 billion barrels of light crude oil. The country's proven oil reserves currently stands at 14 billion barrels but if the underway tests confirm the claims, Brazil will be propelled to the same level as OPEC members Nigeria or even Venezuela. MGH/RE. Original source at PressTv

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Milieunet

flagged this story as Good Stuff

at 19:49 on September 3rd, 2008

rahul, I like this story. It's good stuff.

OPEC is killing us with high prices.

rahul

at 00:51 on September 4th, 2008

Thanks for GS flag. Please be aware that high oil prices has more to do with dollar weakness than OPEC. Most oil production falls out of the scope of OPEC regulations. This story shows how another oil producer -Brazil- would rather dictate its own pricing policy just like Norway, UK, Russia, Mexico, etc. Finally, I would like to bring to your attention that high commodity prices have been killing Third World countries since colonial times. Now, oil and food prices add the burden. Venezuela - an OPEC member- offers oil at a discount price to neighbouring countries in the Caribbean and Latin America to easy such pain.