Brasília - According to minister of Finance, Antonio Palocci, Brazil has to face rising petroleum prices calmly.

Palocci says that there are good reasons for Brazil to see rising oil prices with a low level of concern. He points out that since the last petroleum shock the country has made a series of adjustments. While alternative energy sources have been developed, domestic oil production has risen and there is less dependence on imported oil, he declared.

"With regard to our foreign accounts, the situation is positive and favorable. We are in a stronger position. We have room to maneuver," said the minister, adding that there has been economic growth for the last 18 months and rising industrial production for six consecutive months.

Agência Brasil
Reporter: Daniel Lima
Translator: Allen Bennett
10/15/2004