Brazil wants to join the Organization of Petroleum Exporting Countries and work towards lower crude oil prices, Brazilian President Luiz Inacio Lula da Silva tells Spiegel magazine in an advance copy of this weekend's edition.
In November 2007, state-run oil giant Petroleo Brasileiro S/A (PBR) announced it had discovered oil reserves of between 5 billion and 8 billion barrels of oil equivalent in the Santos Basin off the coast of the state of Sao Paulo. In mid-April it announced a further find in the same area that could yield 33 billion barrels, according to head of Brazil's National Petroleum Agency Haroldo Lima.
In the interview, he also says Europe should leave biofuel production to other countries. He says the first world would do better to stop subsidizing its own agriculture and reduce high import taxes for other countries.