Energy Sector Roundup: Oil hits new high above $126

Of the executives surveyed, 44 percent said their companies plans to boost capital spending on exploration and production by 10 percent during the next year.

The survey, which was conducted last month and released Friday, included executives for major oil companies, independent exploration and production outfits and other energy companies.

Brazil eyes OPEC membership

Brazil wants to join the Organization of Petroleum Exporting Countries to help lower global oil prices, the country's president was quoted as saying in a leading German magazine.

Brazilian President Luiz Inacio Lula da Silva said in the interview with Der Spiegel that his country plans to exploit its massive offshore oil reserves to make itself "a major oil exporter," according to an advance copy of the interview to be published Saturday.

"We want to join OPEC and to try to make oil cheaper," he said.

The U.S. Energy Department estimates Brazil's proved reserves total 11.8 billion barrels.

Canada to seek new markets if U.S. blocks oil sands fuel

The head of Canada's oil-rich Alberta said the province will simply sell its huge reserves to other countries if the U.S. goes ahead with plans to impose import restrictions on fuels made from Canada's oil sands.

The U.S. is preparing to block the military and other federal agencies from buying fuel made from oil sands crude and other sources that produce higher greenhouse gas emissions than conventional fuels. Alberta has been trying to get oil sands fuels exempted from the U.S. legislation.