Brazil Declines
Invitation To Join OPEC
BRASILIA - Brazilian
Mines and Energy
Minister Edison Lobao
Monday declined an
invitation from Saudi
Arabia to join OPEC,
explaining that Brazil
plans to refine, not
export, crude oil from
recently discovered deep
water reserves.
Paulo Roberto Costa, a
high-ranking executive
with the state-run
Petroleo Brasileiro SA
oil company, confirmed
that Brazil had turned
down the offer to join
the Organization of
Petroleum Exporting
Countries (OPEC) because
it plans to refine crude
at home and mainly
export processed oil
products.
Brazil in November 2007
announced it had
discovered a new oil
field 250 kilometers off
its coast that could
contain up to 8 billion
barrels of oil.
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