Lula Says Not In Brazil's Interest To Join OPEC

Brazil has no interest in joining the Organisation of Petroleum Exporting Countries (OPEC) because it does not aspire to become a crude oil exporter, President Luiz Inacio Lula da Silva said.

Brazil, which has huge offshore oil reserves, was invited to join OPEC by Iran in August 2008 and had previously said it was considering the offer.

During an interview with three French media, TV5 Monde, RFI radio and Le Monde newspaper, Lula was asked whether he thought it would be good for his country to join the Vienna-based organisation.

“No,” he said.”Brazil does not intend to export crude oil. It wants to export refined products. We want to transport the oil to Brazil itself and to build our own petro-chemical industry. It is not at all in our interest to participate in OPEC,” Lula said.

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