Brazil official says studying OPEC invitations

BRASILIA, Brazil (AP) — Brazil’s energy minister says the government is reviewing an invitation to join the Organization of Petroleum Exporting Countries.

Minister Edison Lobao says Brazil has repeatedly been invited to join OPEC.

He did not say Tuesday which OPEC members were making the invitations, which began in 2009 after Brazil announced discoveries of huge offshore oil reserves.

Lobao says the government is not dismissing the idea of joining OPEC. But it is studying the production limitations that might be placed on Brazil if it joins.

Brazil’s offshore reserves are thought to hold at least 50 billion barrels of oil, making it one of the largest finds in recent decades.

Brazil official says studying OPEC invitations – Bloomberg.

By The Associated Press
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