[OPEC] Brasil wants to be memeber of The Oil Cartel

Brazilian President Luiz Inacio Lula da Silva said his country was interested in becoming a member of Organization of Petroleum Exporting Countries (OPEC) after massive new oil reserves had been discovered offshore.

Speaking with the weekly Der Spiegel news magazine on Friday, the Brazilian president such a move was aimed lowering the current oil price which hit a record 126 US dollars per barrel earlier in the day.

Lula's remarks do run counter to Organization of Petroleum Exporting Countries interests which is always striving for the highest possible oil price. According to the Brazilian government and the state-run oil company Petrobras, the exploration of its Tupi offshore field showed it had enough to increase national oil reserves by 50 percent.

OPEC: Brasil wants to be memeber of The CartelA new discovery nearby still being explored also appeared to contain enough petroleum to propel Brasil among the top 10 oil producers in the world, they said.

PETROBRAS announced earlier it would take up to three months to evaluate the size of what could be the country's largest-ever oil find. The Brazilian press had reported that El Carioca field off Rio de Janeiro could contain as much as 33 billion barrels.

Source: Islamic Republic News Agency

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