Brazil's energy minister has declined an offer from Iran to join the Organisation of Petroleum Exporting Countries (OPEC).

Coming just weeks after the state-owned oil production and exploration company Petrobras reported a significant new find in the Santos Basin, off the coast of Rio de Janeiro, Edson Lobao told a press conference that the invitation was extended just days ago.

"I received the ambassador of Iran, and he invited Brazil to become part of OPEC. It wasn't a suggestion but a formal invitation," he told the media, according to Reuters.

He added, however, that he told ambassador Moshen Shaterzadeh that, though Brazil is well placed to exploit the estimated eight billion barrels of oil making up the new discovery, the country "does not envisage that possibility" right now.

Should testing on the new finds confirm that Brazil boasts untapped reserves totalling in excess of 14 billion barrels of oil, this would put the South American country on the same level as Nigeria and even Venezuela in terms of capacity, with both of these nations already OPEC members.

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