Brazil is a major player in the world economy. Rich is natural resources such as iron ore, coal and also oil. Its national oil company Petrobas is one of the largest oil companies in the world.

Today Brazil is home to massive companies like Petrobas, Embraer, Vale and Itau to name just four. Brazil has 1% of the world’s oil reserves, that is 16.2 Thousand Million barrels of oil.

What is the value of this crude?

Crude today is trading at about $50 a barrel which is £34.

16.2 Thousand Million barrels of oil = 16,200,000,000

Thus:

16,200,000,000 x £34 = £550,800,000,000

That is £550 Billion which is about 33% of annual UK GDP.