Brazilian President Luis Ignacio Lula de Silva believes it is time for OPEC to recognize the emerging oil impact of his nation and make it a member of the oil producing nations’ club. In 2007, a uage oil reserve was disccovered off the coast of Brazil’s Rio de Janeiro area. The find could well catapult Brazil’s oil reserve by about 40% which should make Brazil an emerging economic powerhourse. Lula wants to combine the enormous work his nation has done in ethanol production with the new oil reserves to prove Brazil is no longer a third world nation, but an important figure in modern oil production. His goal is that by 2025, ethanol will handle all internal needs of the nation for oil which leaves the newly discovered oil to be sold abroad.
Lula, in an interview with Der Spiegel, argues Europe should not get involved in ethanol production but leave that aspect of energy to Latin American and Africa. “Our production costs are unbeatable,” he argues, and it is time for Europe and American to accept the role Brazil can play in the energy crisis facing the world.
Brazil brings to oil the presence of a stable government run on democratic princples and willing to cooperate with the world.