Thousands of people crowd Ipanema Beach in Rio de Janeiro, Brazil as summer gets going in the Southern Hemisphere.
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Brazil is now the world's sixth biggest economy overtaking the U.K., according to the Centre for Economics and Business Research. As the Financial Times puts it, it's another milestone that's part of a larger trend where emerging economies outpace developed ones. China, they report, overtook Japan earlier this year.
Brazil's energy company, Petrobras, inaugurated a new offshore platform on June 3 in Angra dos Reis. Brazil has located major offshore oil fields and plans to greatly increase production in the coming years.
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When people say Brazil won't be the next Saudi Arabia, they mean it in a good way.
Brazil has discovered enormous oil reserves far off its coast, but the country's robust and varied economy means it shouldn't become dependent on oil.
"Brazil is not just going to be an oil exporting country," says Paulo Sotero, director of the Brazil Institute at the Woodrow Wilson Center for International Scholars. "That's not all it's going to do."