Petrobras Chief Says Brazil Unlikely to Join OPEC for Now

According to the Associated Press, Petrobras' CEO, Jose Sergio Gabrielli, said that Brazil is unlikely to jump on board with the Organization of the Petroleum Exporting Countries (OPEC) any time soon.

The head of the state-run oil giant claims that Petrobras is not yet in the ranks of leading oil exporters, but that the decision to join the cartel remains in the hands of Brazil's government.

The Associated Press noted that Petrobras has accumulated enough offshore hydrocarbon discoveries, altogether estimated to contain up to 80 billion barrels of oil, to catapult Brazil into the top tier of oil-exporting nations.