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Brazil invited to join Opec

After the discovery of a major stock of oil in Brazil, the country has been invited to join oil producers’ cartel Opec, something which could make investing in property in Brazil more attractive.

Brazil was invited by Iran, the country’s energy minister explained, and is said to be considering the offer.

The National Energy Policy Council for the country will have the deciding vote on whether the country would benefit from becoming a member of the cartel.

In April it was revealed by Brazil’s National Petroleum Agency that the pool of oil discovered offshore – the second-largest find in 20 years – could contain as much as 33 billion barrels of the "black gold".

Officials from the country reported this could boost Brazil’s oil reserves by 40 per cent – something that could bring increasing wealth to the country and increase the demand for Brazilian property.

Yesterday, it was reported by Reuters that Brazilian president Luiz Inácio Lula da Silva dipped his hands into the oil found in the country while starting the operation of the offshore platform.

Tags: Brazil, Economic News, Real Estate

September 4, 2008

Economic News

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