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OPEC and Brazil not in discussions

Nov. 15, 2007 at 8:00 AM   |   Comments

RIYADH, Saudi Arabia, Nov. 15 (UPI) -- OPEC and Brazil are not in talks, the oil cartel's head said in Riyadh, Saudi Arabia, after recent announcements of a major oil find off its southeast coast.

"We have not received any official request from Brazil to join OPEC," Secretary-General Abdalla Salem El-Badri responded to a question at a news conference ahead of the Third OPEC Summit.

Last week Brazil's state-run Petrobras said the Tupi oil field in the Santos basin could be stocked with 5 billion to 8 billion barrels of recoverable light oil as well as natural gas. BG Group holds 25 percent and Portuguese oil company Petrogal-Galp Energia holds 10 percent.

The Organization of Petroleum Exporting Countries' member states agree on production quotas in a cartel arrangement that currently produces more than 31 million barrels per day, or about 40 percent of the world's consumption. Iraq and Angola aren't given quotas right now.

To join OPEC, 75 percent of its full members, including all five founding members -- Iran, Iraq, Kuwait, Saudi Arabia and Venezuela -- must approve entry, according to an OPEC backgrounder given to the media.

"If a country has the same interests as ours," Badri said, "they are welcome."

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Ben Lando, UPI Energy Editor

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(e-mail: blando@upi.com)

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