September 11, 2008 [LINK / comment]

Will Brazil join OPEC??

In yet another sign of how topsy-turvy the world is becoming, OPEC has invited Brazil to become a member of the elite petroleum exporting quasi-cartel. (A genuine cartel would control supplies on a consistent basis, and OPEC only does so on occasion.) Actually, it was Iran that made the invitation, and strategic (anti-U.S.) considerations no doubt played a big part in this gesture of "Third World solidarity." Historically, Brazil has been dependent on a very large share of its energy needs, which is why it has invested so much into ethanol fuel production, mostly made from sugar cane. A major discovery of offshore oil reserves was made in April, and this could be the break that would finally make Brazil into a actual superpower, as opposed to a superpower of the future. See BBC.