Brazil ‘to change’ the global balance of oil
Brazil’s latest oil discoveries may end the west’s reliance on Middle Eastern oil, one analyst has said.
Strategic Forecasting has revealed that if the two finds are as big as predicted, the US will no longer be as reliant on Middle Eastern crude, Bloomberg reports.
Peter Zeihan, vice-president of the firm, told the news provider in a telephone interview: "The finds they have got so far are just the tip of the iceberg.
"Brazil is going to change the balance of the global oil markets, and Petrobras will become a geopolitical supermajor.”
Those considering buying property in Brazil could be interested to hear that many analysts say that the oil find has bolstered its economy.
Meanwhile, Haroldo Lima, the head of Brazil’s National Petroleum Agency, told local reporters last week that the oil find, known as Carioca, could potentially contain 33 billion barrels of oil.
That would make it the third-biggest currently active oil field.
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