Deepwater oil: Brazil hits a big one


Unless, of course, you are worried about the impact of the oil economy on the climate, this is some very nice news:

Together with Tupi, a nearby field also in Brazil’s offshore that contains five billion to eight billion barrels, Libra “represents far and away the biggest source of new oil we’ve found in several decades. And there appears to be plenty of promise that they will find more,” said Julius Walker, senior oil analyst with the International Energy Agency.

“Which makes it a very big deal. We’re talking about the single biggest source of new non-OPEC crude oil.”

Unless, of course, Brazil joins OPEC.

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