Brazil eyes OPEC membership

Brazil eyes OPEC membership

Brazil wants to join the Organization of Petroleum Exporting Countries to help lower global oil prices, the country’s president was quoted as saying in a leading German magazine.

Brazilian President Luiz Inacio Lula da Silva said in the interview with Der Spiegel that his country plans to exploit its massive offshore oil reserves to make itself “a major oil exporter,” according to an advance copy of the interview to be published Saturday.

“We want to join OPEC and to try to make oil cheaper,” he said.

The U.S. Energy Department estimates Brazil’s proved reserves total 11.8 billion barrels.

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