Brazil may have discovered the world's third largest oil field. The director of the country's oil agency says that the subsea field, Carioca, may have 33 billion barrels of oil, which would make it the third biggest field behind those in Saudi Arabia and Kuwait.

It is expected that Brazil may be pumping ``several million'' barrels of crude oil daily by 2020. This is good news considering this just released report estimating that the price of oil is likely to hit $150 a barrel by 2010 and hit $225 by 2012.