Will Brazil replace Saudi Arabia soon?

Among the oil finds in the world the Brazilian oil finds are one of the world’s largest. This discovery has put an end to the world’s reliance on the Middle East for oil and natural gas products. Saudi Arabia, the country that holds the monopoly of oil exporting will soon be replaced by Brazil, once the oil finds are completely established and gets ready for extraction processes.

It is expected that Brazilian oil finds would be able to pump crude oil by 2020. This will help the nation to get a prominent position among the world’s biggest crude oil producers.
According to Brazilian authorities one of the oil fields, discovered recently, is expected to hold approximately ‘8 billion barrels’ of crude oil.
Reports that refer to the words of Haroldo Lima, the director a leading oil agency, say that there is another sub-sea field which is capable enough to hold approximately 33 billion barrels of oil. If proved true, this would become the third biggest field in history.
Experts have started researching the offshore basins of Brazil, in hope of discovering more significant fields. The recent discoveries from Brazilian oil fields prove that they are going to hit the headlines of news on oil soon.

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