Brazil is to consider joining OPEC after it has gauged the impact on its oil exports from its newly discovered giant offshore Tupi oil field. Isnard Penha Brasil said that “a membership decision will come after we know what our export capacity will be and we think this will be good.”

Last week, Brazil confirmed a “monster” offshore oil discovery and promising fields near the find which could help the country join the ranks of the world’s major oil exporters, although full-scale extraction is unlikely until 2013 and will be very expensive.

State-run Petroleo Brasileiro or Petrobras, said reserves at the ultra-deep Tupi field could be up to a massive 8 billion barrels of oil equivalent, and initial production should exceed 100,000 barrels daily, though experts believe the amount will then go much higher.