View Full Version : From Drudge: China gets jump on U.S. for Brazil’s oil

01-20-2012, 07:16 PM
Didn't the obama admin authorize a couple billion for drillin down there?

China gets jump on U.S. for Brazil’s oil
BUENOS AIRES — Off the coast of Rio de Janeiro — below a mile of water and two miles of shifting rock, sand and salt — is an ultradeep sea of oil that could turn Brazil into the world’s fourth-largest oil producer, behind Russia, Saudi Arabia and the United States.

The country’s state-controlled oil company, Petrobras, expects to pump 4.9 million barrels a day from the country’s oil fields by 2020, with 40 percent of that coming from the seabed. One and a half million barrels will be bound for export markets.

The United States wants it, but China is getting it.

Less than a month after President Obama visited Brazil in March to make a pitch for oil, Brazilian President Dilma Rousseff was off to Beijing to sign oil contracts with two huge state-owned Chinese companies.


I posted.

01-20-2012, 07:22 PM
Not surprising considering the BRIC Alliance that is being established:


01-20-2012, 07:23 PM
And for Canada's! Canada just said they were going to go ahead and sell oil to Asia since the pipeline was killed by Obama.

01-20-2012, 07:57 PM
Brazil did a credit check on USA. Score was not great with too much debt so they went to China that has never missed a payment.

01-20-2012, 08:23 PM
The US Import Export Bank (not the Obama administration) loaned Brazil some money they used to rent or buy drilling equipment from US companies (the Import Export bank is independently- not governmentally- funded) last year.

Reports carried by Fox Business indicated that the Export-Import Bank of the United States is to extend a $3 billion credit to finance Brazilian purchases of goods and services from American firms, announced the Export-Import Bank’s chief executive.

The other thing is that Brazil's oil production is about the same as their own domestic consumption so even though they have recently found more oil- they don't really have tons available for export.


RIO DE JANEIRO—Brazilian state-run oil company Petroleo Brasileiro, or Petrobras, will remain a net oil exporter in 2011 in terms of volumes, despite heated domestic demand and an ethanol shortage that caused the company to import gasoline for a second-consecutive year.

"Our projection in terms of the trade balance is to end the year in surplus," the company's downstream director, Paulo Roberto Costa, said in an exclusive interview.

Petrobras had to import more barrels of oil products in the first quarter as strong domestic demand and a shortage of sugar-cane ethanol caused a spike in gasoline consumption. Mr. Costa said that current projections point toward reversing the overall trend in the remainder of the year, retaining the net exporter status that the company first achieved in 2006.