Sunday, November 18, 2007

Oil: Brazil set to join OPEC

Brazil is set to become the newest member of OPEC. Isnard Penha Brasil, Brazil's ambassador to Saudi Arabia, told Dow Jones Newswires, his country would consider joining OPEC after it has gauged the impact on its oil exports from its newly discovered giant offshore Tupi oil field.

The ambassador was in Riyadh for the Organization of Petroleum Exporting Countries summit. He said that “a membership decision will come after we know what our export capacity will be and we think this will be good.”