Last Friday president Lula gave his opinion on this matter; “Brazil’s President suggested that Brazil might join OPEC in the near future now that it it may be significantly increasing oil output in the near future. Lula suggested that doing so might contribute to reducing the cost of oil globally.” But is that true… doesn’t imply being an OPEC member that more capacity doesn’t necessarily mean more production? Petrobas announced to start production of the Tupi-field, already in 2009 to benefit from the current price of oil ($130).
(Categories: Wzzup)
In our study on Brazil we forecasted that they probably will become an oil-exporting country in the near future. Their exclusive deep-sea drilling methodologies combined with a high oil-price (motivating other countries to buy-in Brazils expertise) sounds promising. Since the end of last year Brazil also announsed the discovery of some of the world largest oil and gas fiels before the Sao Paolo coast. We have discussed several scenario’ on whether Brazil will join Opec, non-opec or maybe try to set-up a latin-american oil council (Equador, Venezuela, brazil)?
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