Brazil turns down OPEC invitation

SAO PAULO, Brazil (AP) — Top Brazilian energy officials say they have declined an invite from Saudi Arabia to join OPEC, explaining that Brazil plans to refine, not export, crude oil from recently discovered deep water reserves.

Brazilian state news agency Agencia Brasil on Monday cited Mines and Energy Minister Edison Lobao, who said the invitation was extended recently.


Paulo Roberto Costa, a high-ranking executive with the state-run Petroleo Brasileiro SA oil company, confirmed that Brazil had turned the offer down because it plans to refine crude at home in order to export costlier petroleum products.

Analysts say the newly found reserves may contain 55 billion barrels of oil, enough to catapult Brazil to superpower oil status.