RIO DE JANEIRO, Brazil - Brazil has declined Iran's invitation to join OPEC, but could join the cartel in the future, the country's mines and energy minister said Thursday.
Minister Edson Lobao said in a phone interview with the Globo television network that he received a formal invitation from Iranian Ambassador Mohsen Shaterzadeh to join the cartel two weeks ago. As a member of the oil cartel, Iran can recommend Brazil's entry.
The minister said he thanked the ambassador for the invitation, but told him that "right now ... we have other priorities."
He did not rule out the possibility that Brazil could join in the future as the nation develops offshore finds that are expected to turn it into a major oil exporter.
Brazil's state oil company is beginning production of deep-water finds off the Rio de Janeiro coast that analysts say could hold up to 55 billion barrels of oil.
In 2006, Brazil was the world's-th-largest oil producer, according to the most recent data available from the U.S. Department of Energy.
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