In 2007, Brazil was already known as an import emerging country and an expected future great economic power but another event added the importance of Brazil on international stage : the discovery of the Carioca/Sugar Loaf Field. Indeed, the national oil companies Petrobas, Repsol and BG Group actually discovered what could be the third largest oil and gas field in the World in terms of reserve (thirty three billion crude oil barrels at least and up to forty billion barrels). This discovery already began attracting international giant oil companies seeking to be awarded a concession individually or under the form of consortiums (Exxon Mobil, Royal Dutch Shell etc.) but the one which most benefited of the situation is Brazilian-State-Owned Petrobas as its shares jumped after the discovery from twenty four dollars to one hundred and sixteen point seventy-seven dollars. Not surprising that this new oilfield played a role in the oil sector, or at least will play as soon as developed and prepared for full-scale exploitation especially when we do actually know that Brazil plans as a consequence of this discovery to apply for Organization of Petroleum Exporting Countries (OPEC) membership and aware of the size of the new oilfield soon entering the commercial market, I do personally think that crude oil prices decrease is not to be scheduled yet on the international economic agenda. Moreover, given Brazil’s already tremendous economic growth independently from crude oil exports but still depending on imports, the future situation resulting from a Brazilian membership in the OPEC will be that not only Brazil won’t rely anymore on foreign oil deliveries which will lay down any limit to the speed of its economic growth but furthermore, given its economic independence when it comes to oil exports, it will be able to vote an oil deliveries cut down in the OPEC without even tickling its economy but given the fact that the country is encouraging international trade and free market one can deduce that it won’t be likely to be the source of such votes and decisions only if forced to. But a question still remains unclear, will the Brazilian State award the exploitation of such huge resources to private or public oil companies, and furthermore, national or foreign will they be ?
