The fall in the oil price has contributed to the global financial crisis by destabilising the economic plans of countries dependent on oil exports. The fall in the oil price has also thrown into doubt many of the high-cost investment projects previously planned to meet the world's predicted growing demand for oil. Nevertheless, Sergio Jose Gabrielli, Chief Executive of Petroleo Brasileiro said the Brazilian state oil company will continue with its $174.4 billion exploration and production plan. He said the effort would boost Brazil's oil production from its current level of 1.85 million barrels a day to 5.7 million barrels a day by 2020. "We are going to be producing more than half the current production of Saudi Arabia",
