Silva says poor to benefit from Brazil oil profits

Brazil's president says his nation will use profits from recently discovered oil reserves to help ease a deep divide between rich and poor.

Luiz Inacio Lula da Silva says government statistics show that misery is on the decline in Latin America's most populous nation — but that more work must be done and the oil profits can be harnessed to reduce inequality and improve education.

Silva made the comments Monday about Brazilian offshore reserves that may hold as much as 55 billion barrels of crude.

Separately, an executive with the state-run oil company tells the O Estado de S. Paulo newspaper that Petrobras may need to revamp its international investment plan to tap the reserves.