Concerning the referent to the pronoun it, in the fragments below,
in It looks and smells like ordinary crude oil. (line 5), it refers to beaker (line 4).
in The danger for Brazil, if it fails to manage this windfall wisely, is of falling victim to Dutch disease. (lines 28-29), it refers to danger (line 28).
in ... Brazilian engineers see it as a new frontier. (lines 59-60), it refers to coast (line 58).
in making it harder for Brazilian exporters of manufactured goods. (lines 75-76), it refers to stream (line 75).
in its just going to be starved for those resources, says Harvards Prof Rogoff. (lines 81-83), it refers to China (line 81).
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