King Abdullah of Saudi Arabia said OPEC shouldn't make oil a source of conflict, contradicting Venezuelan President Hugo Chavez who wants the oil exporter group to become an active "political agent".

However oil is a powerful political tool as Brazil discovered with the announcement of the biggest deep water oil field off the southeastern coast which has the potential to transform Brazil into a global energy powerhouse and to reshape the politics of this energy-starved continent.

 While Brazil’s state oil company, Petrobras, has known of the field for more than a year, it only finished assessing its full potential in recent months. It announced on Nov. 8 that the field held some five billion to eight billion barrels of crude oil and natural gas.

The announcement has everyone in the region, and beyond, taking notice. A field that size — the biggest in the world since a discovery in Kazakhstan in 2000 — is a potential political game-changer for Brazil.

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bill (73) Senior board member | 2007-11-19 20:29:44 money and politics - politics and money - it all goes hand in hand - the US dollar might be fluctuating a bit but hey - thats life - just wait for the alternayive eco friendly fuells to kick in - then lets see what political tune the Arabs are singing Reply | Quote 0   0

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