Brazil announces new oil reserves:
The Brazilian government says huge new oil reserves discovered off its coast could turn the country into one of the biggest oil producers in the world.Petrobras, Brazil’s national oil company, says it believes the offshore Tupi field has between 5bn and 8bn barrels of recoverable light oil.
A senior minister said Brazilian oil production had the potential to match that of Venezuela and Saudi Arabia.
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Brazil currently has proven oil reserves of 14 billion barrels, over half of which have been discovered in the past five years.