OPEC invites Brazil to join group
02-09-08 Iran has invited Brazil to join oil producers' cartel OPEC, Brazil's energy and mines minister has said. The move comes after Brazil recently announced finding major sources of offshore oil, prompting significant international attention.
Brazil is considering the invite. Its National Energy Policy Council has the final word on whether it wants to join.
While oil prices have fallen from record levels, many analysts say the longer trend remains high prices. As a member of the oil producers' organisation, Iran can suggest the membership of another country.
In April, the head of Brazil's National Petroleum Agency said an oil field offshore from Rio de Janeiro's coast could contain 33 bn barrels. That finding came after state-owned Petrobras said the offshore Tupi field was estimated to hold between 5 bn and 8 bn barrels of untapped light oil.
The discoveries could turn Brazil into a major oil exporter, say analysts.
Slower economic growth has dented demand for oil, pushing prices downto around $ 110 a barrel from above $ 147 per barrel reached in July.
Source: http://news.bbc.co.uk
