Brazil - The Next Oil Superpower?

Massive Discoveries of Offshore Oil Near Brazil

In addition to Brazil's fast growing economy based on its extraordinary taming of inflation I mentioned in my previous post, the country is also on the verge of becoming an oil superpower.  There have been a number of huge oil discoveries recently in the waters off of Brazil, including several by British Gas in 2009, as well as the 2010 discovery of the massive 15 billion barrel Libra field 114 miles offshore from Rio de Janeiro.   Its no wonder that former Brazilian President Luiz Inácio Lula da Silva declared that 'God is Brazilian!' in 2007 as the evidence of Brazil's oil potential began to be clear.
In the next post, we'll take a look at the affects of Brazil's huge oil resources both internally as well as on the country's stature in the world.